Take a quick Multiple Choice Questions (MCQs) test about Material costing methods. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start material costing methods MCQs quiz.
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Material costing method mcqs
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- Question 1 of 10
1. Question
When new material is purchased, it is recorded in:
Correct
Awesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Receipts columns” (option 1). - Question 2 of 10
2. Question
When material is issued, it is recorded in:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Issue column” (option 2). - Question 3 of 10
3. Question
FIFO means:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Firt in first out” (option 1). - Question 4 of 10
4. Question
Material returned to supplier is recorded in column:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Receipts” (option 1). - Question 5 of 10
5. Question
Red entry in store ledger card is made when material is returned from:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Store to factory” (option 2). - Question 6 of 10
6. Question
Material returned from factory to store is recorded in column:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “issue” (option 2). - Question 7 of 10
7. Question
To calculate average price, the total cost is divided by:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Total received units” (option 1). - Question 8 of 10
8. Question
Which method is used for valuation of material issued:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “All above” (option 4). - Question 9 of 10
9. Question
The opening inventory of material is recorded in the store ledger card in:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Balance column” (option 3). - Question 10 of 10
10. Question
Which one is comparatively difficult method to record the calculation of material:
CorrectAwesome! your answer is correct.Incorrect Your answer is incorrect. The correct answer is “Average” (option 3).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “Receipts columns” (option 1).You can also check:
I want a mcqs from the chapter material costing
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i want cost all chapter mcq please
I thing this website good but not a good mcqs….