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Management Sciences 5307 MCQs [All-Courses]

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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.

All Topics  5307

In process and job costing system, the normal spoilage cost is considered as ___________?
A conversion costs
B sunk costs
C inventoriable costs
D non inventoriable costs
Correct Answer: inventoriable costs
Total cost related to work in process inventory is divided by total units of work done is used to calculate _____________?
A Gross weighted margin
B weighted average revenue
C weighted average cost
D weighted average conversion cost
Correct Answer: weighted average cost
The costing system, which classify cost into cost categories in a way when an expense is incurred in the process is called ____________?
A conversion expense costing system
B inventory costing system
C process costing system
D job costing system
Correct Answer: process costing system
The third step in process costing system is to ____________?
A summarize flow of output
B compute output in units
C summarize total costs
D compute cost for each equivalent unit
Correct Answer: summarize total costs
If the cost incurred for work in process inventory is $350000 and total equivalent units completed till date are 3500, then weighted average cost will be __________?
A $10
B $100
C $1,000
D $1,200
Correct Answer: $10
If the total incurred cost in a production process are $30000 and the number of output units are 5000 units, then the units cost will be __________?
A $16
B $60
C $6
D $26
Correct Answer: $6
The second step in processing costing system is to ___________?
A summarize total costs
B compute cost for each equivalent unit
C summarize flow of output
D compute output in units
Correct Answer: compute output in units
The costing method, which calculates per equivalent unit cost of all the production related work done, till calculated date is termed as __________?
A weighted average method
B net present value method
C Gross production method
D net present value method
Correct Answer: weighted average method
The forth step in process costing system is to __________?
A summarize total costs
B compute cost for each equivalent unit
C summarize flow of output
D compute output in units
Correct Answer: compute cost for each equivalent unit
The fifth step in process costing system is to ___________?
A allocate separable costs
B allocate joint costs
C compute gross margin
D assign total cost to completed units
Correct Answer: assign total cost to completed units
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