Question 1

In FIFO method of inventory valuation?

Accepted Answer

A) Closing stock is at latest price 
B) Issue of stocks to production is at earliest price 
C) Both (a) & (b) 
D) Neither (a) nor (b) 
A) Closing stock is at latest price 
B) Issue of stocks to production is at earliest price 
C) Both (a) & (b) 
D) Neither (a) nor (b)

Question 2

In LIFO method of inventory valuation?

Accepted Answer

A) Issue of stocks to production is at latest price 
B) Closing stock is at latest price 
C) Both (a) & (b) 
D) Neither (a) nor (b) 
A) Issue of stocks to production is at latest price 
B) Closing stock is at latest price 
C) Both (a) & (b) 
D) Neither (a) nor (b)

Question 3

A section of the cost of production report which shows the physical flow of units through various producing departments is usually labeled as

Accepted Answer

A) Schedule of physical flow 
B) Quantity schedule 
C) Equivalent units of production 
D) Cost to be accounted for 
A) Schedule of physical flow 
B) Quantity schedule 
C) Equivalent units of production 
D) Cost to be accounted for

Question 4

The Theory of Constraints is an organizational change method that is focused on ___________ improvement.

Accepted Answer

A) Profit 
B) Cost 
C) Product 
D) Economics 
A) Profit 
B) Cost 
C) Product 
D) Economics

Question 5

Lean management has been developed with the intention of reducing ________________ and maximizing the value of the product or the service to the customer.

Accepted Answer

A) Cost 
B) Value Cost 
C) Process Waste 
D) Profit 
A) Cost 
B) Value Cost 
C) Process Waste 
D) Profit

Question 6

The essential concept of TOC is that every organization must have at least one ____________.

Accepted Answer

A) Process 
B) Function 
C) Constraint 
D) Cost 
A) Process 
B) Function 
C) Constraint 
D) Cost

Question 7

____________ describes the activities within and around an organization, and relates them to an analysis of the competitive strength of the organization.

Accepted Answer

A) Value Chain Analysis 
B) Value Management 
C) Value Engineering 
D) Strategic Cost 
A) Value Chain Analysis 
B) Value Management 
C) Value Engineering 
D) Strategic Cost

Question 8

An increase in inventories indicates that?

Accepted Answer

A) More merchandise was purchased then the amount sold to customer 
B) Less merchandise was purchased then sold to the customer 
C) Not all purchases were cash 
D) Cash payments were more than purchases on account 
A) More merchandise was purchased then the amount sold to customer 
B) Less merchandise was purchased then sold to the customer 
C) Not all purchases were cash 
D) Cash payments were more than purchases on account

Question 9

Backflush costing is an accounting method that records costs after a good is sold or a service is ___________.

Accepted Answer

A) Initiated 
B) Progressed 
C) Completed 
D) Planned 
A) Initiated 
B) Progressed 
C) Completed 
D) Planned

Question 10

Productivity is the ratio between input and __________.

Accepted Answer

A) Product 
B) Output 
C) Value 
D) Cost 
A) Product 
B) Output 
C) Value 
D) Cost

Question 11

Which type of inventory system is updated inventory system?

Accepted Answer

A) Periodic inventory system 
B) Contingency inventory system 
C) LIFO 
D) Perpetual inventory system 
A) Periodic inventory system 
B) Contingency inventory system 
C) LIFO 
D) Perpetual inventory system

Question 12

The inventories are recorded at the latest price but the production cost is changed old cost price?

Accepted Answer

A) FIFO 
B) Average 
C) Both A & B 
D) None 
A) FIFO 
B) Average 
C) Both A & B 
D) None

Question 13

______________ is introduced as a technique that aims to manage product costs throughout the design stage.

Accepted Answer

A) Process Costing 
B) Product Costing 
C) Target Costing 
D) Strategic Costing 
A) Process Costing 
B) Product Costing 
C) Target Costing 
D) Strategic Costing

Question 14

Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?

Accepted Answer

A) FIFO Method 
B) LIFO Method 
C) Specific Identification Method 
D) Average Method 
A) FIFO Method 
B) LIFO Method 
C) Specific Identification Method 
D) Average Method

Question 15

What is the principal criterion used to distinguish between tangible assets and inventories?

Accepted Answer

A) The physical substance of the asset 
B) The acquisition cost of the asset 
C) The nature of the company's activity, which determines the purpose for which the asset is held 
D) The moment in the accounting period when the asset is acquired 
A) The physical substance of the asset 
B) The acquisition cost of the asset 
C) The nature of the company's activity, which determines the purpose for which the asset is held 
D) The moment in the accounting period when the asset is acquired

Question 16

Which type of inventory system requires updating the inventory balance at the end of the accounting period?

Accepted Answer

A) Periodic inventory system 
B) LIFO 
C) Perpetual inventory system 
D) FIFO 
A) Periodic inventory system 
B) LIFO 
C) Perpetual inventory system 
D) FIFO

Question 17

Which one of the following methods for inventory valuation may be misleading when the units are identical?

Accepted Answer

A) FIFO Method 
B) LIFO Method 
C) Specific Identification Method 
D) None 
A) FIFO Method 
B) LIFO Method 
C) Specific Identification Method 
D) None

In FIFO method of inventory valuation?

In LIFO method of inventory valuation?

A section of the cost of production report which shows the physical flow of units through various producing departments is usually labeled as

The Theory of Constraints is an organizational change method that is focused on ___________ improvement.

Lean management has been developed with the intention of reducing ________________ and maximizing the value of the product or the service to the customer.

The essential concept of TOC is that every organization must have at least one ____________.

____________ describes the activities within and around an organization, and relates them to an analysis of the competitive strength of the organization.

An increase in inventories indicates that?

Backflush costing is an accounting method that records costs after a good is sold or a service is ___________.

Productivity is the ratio between input and __________.

Which type of inventory system is updated inventory system?

The inventories are recorded at the latest price but the production cost is changed old cost price?

______________ is introduced as a technique that aims to manage product costs throughout the design stage.

Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?

What is the principal criterion used to distinguish between tangible assets and inventories?

Which type of inventory system requires updating the inventory balance at the end of the accounting period?

Which one of the following methods for inventory valuation may be misleading when the units are identical?

Marginal Costing, Contribution, and Activity-Based Costing Techniques

Process Costing: Methods and Applications

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Exam 3: Inventory, Productivity, Principles, and Costing Methodologies

In FIFO method of inventory valuation?

In LIFO method of inventory valuation?

A section of the cost of production report which shows the physical flow of units through various producing departments is usually labeled as

The Theory of Constraints is an organizational change method that is focused on ___________ improvement.

Lean management has been developed with the intention of reducing ________________ and maximizing the value of the product or the service to the customer.

The essential concept of TOC is that every organization must have at least one ____________.

____________ describes the activities within and around an organization, and relates them to an analysis of the competitive strength of the organization.

An increase in inventories indicates that?

Backflush costing is an accounting method that records costs after a good is sold or a service is ___________.

Productivity is the ratio between input and __________.

Which type of inventory system is updated inventory system?

The inventories are recorded at the latest price but the production cost is changed old cost price?

______________ is introduced as a technique that aims to manage product costs throughout the design stage.

Which of the following method is suitable for calculating the cost of inventory when actual costs of individual units of merchandise can be determined from the accounting records?

What is the principal criterion used to distinguish between tangible assets and inventories?

Which type of inventory system requires updating the inventory balance at the end of the accounting period?

Which one of the following methods for inventory valuation may be misleading when the units are identical?

Marginal Costing, Contribution, and Activity-Based Costing Techniques

Process Costing: Methods and Applications

Filters