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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

The costs that are incurred in last department, where the product has been processed and will be carried to next department for further processing are called __________?
A partial work costs
B transferred-in costs
C transferred-out costs
D weighted average costs
Correct Answer: transferred-in costs
If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and units completed in current period are 4000, then ending work in process equivalent units will be ___________?
A 1800 units
B 2300 units
C 10300 units
D 1500 units
Correct Answer: 2300 units
If the beginning work in process equivalent units are 2500 units, work done in current period equivalent units are 3800 units and ending work in process equivalent units are 5000, then complete equivalent units in current period are _____________?
A 1800 units
B 1500 units
C 1300 units
D 1500 units
Correct Answer: 1300 units
The cost of previous department is a part of ____________?
A transferred-in costs
B transferred-out costs
C FIFO costs
D LIFO costs
Correct Answer: transferred-in costs
The total costs incur in a production process, is divided by total number of output units, to calculate the ____________?
A cost of indirect labor
B cost of direct labor
C cost of direct material
D unit costs
Correct Answer: unit costs
A unit cost calculated in costing system, by assigning total costs incurred to many similar units is categorized as _________?
A accounting period costing system
B process costing system
C job costing system
D none of above
Correct Answer: process costing system
The first 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 flow of output
In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as _________?
A partial inventory costing method
B current period inventory method
C Last-in, first-out method
D First-in, first-out method
Correct Answer: First-in, first-out method
The standardized technique that is performed repetitively on different kind of materials to convert them into different finished products is known as __________?
A conversion process
B operation
C hybridization
D both a and b
Correct Answer: operation
The hybrid costing system, which is applied to batches of similar products, but are not identical is classified as ____________?
A incremental costing system
B split off costing system
C inventoriable costing system
D operation costing system
Correct Answer: operation costing system
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