This quiz works best with JavaScript enabled. Home > Accounting > Cost Accounting > Methods Of Costing > Methods Of Costing – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Methods Of Costing Quiz 1 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why should you produce a costing method for your promotional plan? A) It determines how much a company should spend and where they should spend it. B) It enables customerss to figure out practical steps to achieve goals. C) Its a good idea. D) Its common sense. Show Answer Correct Answer: A) It determines how much a company should spend and where they should spend it. 2. Which of the following is a viable option for computing Cost of Goods Sold? A) Gross Margin-Revenue. B) Number of Units sold x Unit Cost. C) Sum of all expenses in the period. D) None of the above. Show Answer Correct Answer: B) Number of Units sold x Unit Cost. 3. What are the missing words in this definition of 'The Pound Approach' costing method? "Method based on what company t ..... k the company can afford I ..... d of the company's sales" A) Think, instead. B) Tweak, incorporated. C) Track, insured. D) None of above. Show Answer Correct Answer: A) Think, instead. 4. What are the missing words in the following definition of the "Matching Competitors" costing method? A ..... e and estimate what the competition is spending and c ..... y them A) Attune, Convey. B) Accrue, Clarify. C) Analyse, Copy. D) None of above. Show Answer Correct Answer: C) Analyse, Copy. 5. You have chosen a Costing Method which allocates a specified percentage of your sales revenue to your marketing plan-which method is this? A) The Pound Approach. B) Marketing Plan Objectives. C) Matching Competitors. D) Percentage of Sales. Show Answer Correct Answer: D) Percentage of Sales. 6. You have allocated your marketing budget based on what you think you can afford. What Costing Method is this? A) The Pound Approach. B) Marketing Plan Objectives. C) Percentage of Sales. D) Matching Competitors. Show Answer Correct Answer: A) The Pound Approach. 7. Job costing is normally used in below situation EXCEPT: A) Relatively suitable for a small production runs. B) Order must be completed within a short duration. C) Business received order for standardized products. D) None of the above. Show Answer Correct Answer: C) Business received order for standardized products. 8. You have decided to cost your marketing plan by estimating the cost in reflection of your marketing objectives. What Costing Method is this? A) Percentage of Sales. B) Matching Competitors. C) Marketing Plan Objectives. D) The Pound Approach. Show Answer Correct Answer: C) Marketing Plan Objectives. 9. In a job order costing system, which of the following costs is not an example of non-production overhead cost? A) Factory Rental. B) Office Stationaries. C) Salesman commision. D) Cost to transport finished products to customers. Show Answer Correct Answer: A) Factory Rental. 10. How many Chapters you have learn so far in this ACC416 subject? A) 5. B) 1. C) 6. D) 3. Show Answer Correct Answer: A) 5. Related QuizzesCost Accounting QuizzesAccounting Quizzes 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books