Material Costing Methods MCQs

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 26, 2023

Test your knowledge with this multiple choice question (MCQ) test on material costing methods.

If you can answer every question correctly, it will be great preparation for your exams, interviews, and professional work. To begin, just click on the "Start Quiz" button.

1. When new material is purchased, which column is it recorded in?
2. When material is issued, it is recorded in:
3. FIFO means:
4. Material returned to supplier is recorded in which column?
5. A red entry is made in the store ledger card when material is returned from:
6. Material returned from factory to store is recorded in which column?
7. To calculate average price, the total cost is divided by:
8. Which method is used for the valuation of material issued?
9. The opening inventory of material is recorded in the store ledger card in which column?
10. Which of the following is a comparatively difficult method for recording the calculation of material?

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Material Costing Methods MCQs FAQs

About the Author

True Tamplin, BSc, CEPF®

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

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, 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 or view his author profiles on Amazon, Nasdaq and Forbes.