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Cornerstones of Managerial Accounting Study Set 1
Quiz 2: Basic Managerial Accounting Concepts
How Is Conversion Cost Calculated
Question 26
Multiple Choice
How is conversion cost calculated? A) direct materials cost plus prime costs B) indirect labour cost plus opportunity costs C) product costs plus period costs D) direct labour cost plus overhead cost
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Related questions
Q 27
Which of the following is a period cost? A) direct materials B) indirect labour C) indirect materials D) depreciation on an office building
Q 28
What is characteristic of a period cost? A) They include selling costs and administrative costs. B) They are used to compute product cost. C) They can be included in overhead costs. D) They are carried in inventory until the goods are sold.
Q 29
Which of the following is an example of a period cost? A) direct materials B) direct labour C) general accounting D) manufacturing overhead
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