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Introduction To Cost Accounting Quiz 10 (25 MCQs)

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1. Fixed cost per unit decreases when _____
2. $ \sqrt{\frac{2XAC\times OA}{AC}}$ this is the formula for
3. For a manufacturing sector company, the cost of factory depreciation is classified as a _____
4. Sub contract cost is charged to _____
5. If the budgeted annual indirect cost is RM70, 000, budgeted annual quantity is 3, 000, then budgeted OAR for indirect cost will be:
6. Is the assignment of accountability for costs or production results
7. Which of the following are types of costs based on traceability?
8. The Jamison Corporation makes computers. Mary Wiggins is the accountant who completes the job cost sheets. Her pay is $ 17 per hour. How should Mary's pay be classified?
9. . Economic order quantity is a tool for controlling _____
10. Room/day is the cost unit used in _____
11. Portia Company predicts that 64, 000 units of materials will be used during the year. It is anticipated that it will cost P 40.00 to place each order. The annual carrying cost is P2.00. What is the most economical order quantity?
12. Stock verification sheets are maintained to record the results of _____
13. The following information pertains to Luccas Company:Budgeted sales P1, 000, 000; Breakeven sales P700, 000; Budgeted contribution margin P600, 000. The margin of safety is:
14. If a company is operating at a loss,
15. A document which consists information about labour time usage, for specific job in a specific department, is known as:
16. If the budgeted total direct labour hours are 4, 000 hours and budgeted direct labour cost is RM480, 000, then the budgeted direct labour cost rate will be:
17. According to Merrick's multiple piece rate system, the piece rate applicable to a worker with an efficiency of 100 % or above is _____ of normal piece rate
18. Over absorption of overheads in cost accounts results in
19. Cost incurred by undertakings which do not manufacture any product but services is
20. Loss arising due to evaporation is considered as _____ in process accounts.
21. Material that is not become part of a product & can't be conveniently traced to specific product
22. Which of the following statements is/are incorrect?
23. Purchases 600 at P4.90 eachIssuance 175Issuance 225Issuance 280Purchase 400 at P4.95 eachIssuance 310Returned materials from 280units issuance is 20 unitsWhat is the cost of ending inventory using the FIFO costing method?
24. Carol Davis has a lot of gently used Prom Dresses. Dresses for You, a consignment shop, has agreed to sell Carol's dresses on her behalf. What is Dresses for You role in the transaction?
25. Average cost method of valuing material issues is suitable when _____
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