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Management Sciences 5307 MCQs [All-Courses]

Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

In incremental cost allocation method, the cost object user who is ranked second in ranking order is known as ____________?

A First incremental user

B primary user

C secondary user

D second incremental user

Review Detailed Answer

Correct Answer: First incremental user

Total cost of producing similar products divided by number of units produced is a technique known as ____________?

A sale costing system

B job costing system

C price costing system

D process costing system

Review Detailed Answer

Correct Answer: process costing system

The method, which allocates the cost of support department, to operating and support departments is known as ___________?

A indirect method

B direct method

C step down method

D reciprocal method

Review Detailed Answer

Correct Answer: step down method

The spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as __________?

A proration approach

B appreciation approach

C depreciation approach

D adjusted approach

Review Detailed Answer

Correct Answer: proration approach

The method, which allocates cost of support department for operating departments by recognizing all the mutual services provided is classified as ___________?

A indirect method

B direct method

C step down method

D reciprocal method

Review Detailed Answer

Correct Answer: reciprocal method

In an accounting system, the document which supports journal entries is classified as _____________?

A cost document

B priced document

C source document

D direct document

Review Detailed Answer

Correct Answer: source document

According to incremental method, the party which receives the highest ranking in allocation of common cost is classified as ____________?

A Third incremental party

B second incremental party

C primary party

D First incremental party

Review Detailed Answer

Correct Answer: primary party

The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

A Depreciation

B Physical deterioration of the asset

C Decrease in market value of the asset

D Valuation of an asset at a point of time

Review Detailed Answer

Correct Answer: Depreciation

If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be ____________?

A 1200 units

B 990 units

C 1300 units

D 1000 units

Review Detailed Answer

Correct Answer: 1300 units

In support of business transaction, any written evidence is called ___________?

A Discount

B Voucher

C Allowance

D Price

Review Detailed Answer

Correct Answer: Voucher

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

In incremental cost allocation method, the cost object user who is ranked second in ranking order is known as ____________?

Total cost of producing similar products divided by number of units produced is a technique known as ____________?

The method, which allocates the cost of support department, to operating and support departments is known as ___________?

The spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as __________?

The method, which allocates cost of support department for operating departments by recognizing all the mutual services provided is classified as ___________?

In an accounting system, the document which supports journal entries is classified as _____________?

According to incremental method, the party which receives the highest ranking in allocation of common cost is classified as ____________?

The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be ____________?

In support of business transaction, any written evidence is called ___________?