Product Costing Systems MCQs Quiz

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on August 12, 2021

1. The document that lists the type and quantity of each item of materials that is needed to complete a unit of product:

2. A materials requisition form:

3. A normal costing system applies overhead cost to jobs by:

4. Which of the following is not a reason for the difficulty associated with assigning manufacturing overhead to products:

5. The Work in Process account contains the summarized balance of all units:

6. Materials requisitioned from the storeroom included $1,000 of direct materials and $2,000 of indirect materials. Manufacturing overhead should be debited for what amount to record the transaction:

7. The cost of a completed job includes:

8. The journal entry that transfers the costs of a completed product to Finished Goods Inventory includes:

9. If amount of over and under-applied overhead is material, which account or accounts would the amount be charged (closed) to?

10. Which of the following is descriptive of a job order costing system rather than a process costing system?

11. The number of partially completed units x percentage of completion is referred to as: 

12. In a process costing system, blending units and costs from the current period with units and costs from the prior period is accomplished through the use of which of the following methods?

13. The production report includes which of the following?

14. To calculate equivalent units of production, the weighted average method requires:

15. If Work in Process inventories increase by 500 units during the month and 1,300 units were transferred to the next department, how many units were started during the month?


 


Next Quiz: Activity-based Costing 

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True contributes to his own finance dictionary, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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