Introduction To Cost Accounting Quiz 1 (25 MCQs)

Quiz Instructions:

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1. Manufacturers of components of television adopt

2. What is the total labour cost for Job 123?

3. _____ method of costing is used in hospitals

4. Cost that cannot be changed by any present and future decision, therefore irrelevant cost.

5. What is the hourly cost of Siti Aafiyah's work to Al-Ghazi & Co.?

6. The method of costing applied in special ship building is

7. The term 'Sunk cost' refers to _____

8. When the actual loss is more than the estimated loss, the difference between the two is considered to be _____

9. Warehousing cost is an item of

10. In process account, normal wastage is written on the:

11. Overheads are also known as _____ cost.

12. The following items can be categorized as fixed cost, EXCEPT _____

13. On increase or decrease of one unit in the volume of production, the variation in total cost is called _____ cost

14. Time wages are paid on the basis of

15. Which of the following statements regarding techniques of inventory control are correct?

16. Financial accounting provides a historical perspective, whereas management accounting emphasizes _____

17. "Standard Overhead" cost is more than "Overhead Allocation" is called.

18. Which of the following is a variable cost in an insurance company?

19. _____ labour cost is the remuneration paid to the employees who are directly engaged in the manufacturing operations

20. Can we plan, control and reduce cost with cost accounting

21. Loss which is unavoidable on account of the nature of the material is called _____

22. Effective planning of fixed overhead costs includes all of the following EXCEPT:

23. Direct labor + Factory Overhead

24. An over allocated direct cost is also called EXCEPT:

25. Beginning finished goods inventory + Cost of Goods Manufactured-Ending finished goods inventory =