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Cost Accounting MCQs and Solutions

This document contains the notes and practice problems from Cost Accounting Chapter 5 for the student Cape, Jessielyn Vea C. It includes multiple choice theoretical questions, computational problems calculating employee pay and benefits, and determining manufacturing overhead costs. The document demonstrates how to calculate regular pay, overtime pay, deductions, charge costs to accounts, and monthly benefit liabilities.

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han jisung
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4 views2 pages

Cost Accounting MCQs and Solutions

This document contains the notes and practice problems from Cost Accounting Chapter 5 for the student Cape, Jessielyn Vea C. It includes multiple choice theoretical questions, computational problems calculating employee pay and benefits, and determining manufacturing overhead costs. The document demonstrates how to calculate regular pay, overtime pay, deductions, charge costs to accounts, and monthly benefit liabilities.

Uploaded by

han jisung
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

CAPE, JESSIELYN VEA C.

PCBET-01-301P
AC9/ THURSDAY/ 9:00AM-12:00PM
CHAPTER 5

Multiple Choice- Theoretical

1. C
2. B
3. A
4. A
5. A
6. A
7. A
8. A
9. D
10. A

Multiple Choice- Computational

1. A

Regular pay (46 hours x P45) P2,070

Overtime Pay (6 hours x P22.50) 135

Gross earnings P2,205

2. A
Regular pay (42 hours x P40) P1,680
Overtime pay (2 hours x P20) 40
Gross earnings P1,720
Deductions:
Withholding tax (3%) P51.60
SSS contribution (2%) 34.40
Phil. Health contribution (1%) 17.20
Pag-ibig contribution (1%) 17.20 120.40
Net Pay P1,599.60

3. B
Regular pay (50 hours x P180) P9,000
Overtime pay (10 hours x P90) 900
Charge to work in process P9,900
4. A
Regular pay, charge to work in process P9,000

5. B
Bonus pay [(P100 + P320) x 40 hrs x 4 weeks] /50 = P1,344
Vacation pay [(P100 + P320) x 40 hrs x 2)] /50 = 672
Total charge to manufacturing overhead control P2,016

6. B. P1,344

7. D. P672

8. D
Gross earnings P4,560
Less: Regular pay (80 hrs x P48) 3,840
Overtime pay 720
Divided by overtime rate (P48 x 150%) 72
Overtime hours 10

Regular pay (80 +10) x P46 = P4,320

9. D
Benefits P1,092.80
Overtime premium (P4,560 – P4,320) 240.00
Charged to Manufacturing Overhead Control P1,332.80

10. B
Bonus (P14,904/ 11.5mos) P1,296
Vacation [(P14,904 x ½) / 11.5mos] 648
Pension (2,070/ 12) 180
Total monthly liability P2,124

11. C. 7 hours x P20 = P140

CAPE, JESSIELYN VEA C. PCBET-01-301P COST ACCOUNTING

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