This quiz works best with JavaScript enabled. Home > Accounting > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 14 (15 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which the items below is non-controllable by the head of the production department? A) Insurance of machinery. B) Price of material paid to supplier. C) Types of material used in production. D) Direct labour working hours. Show Answer Correct Answer: B) Price of material paid to supplier. 2. Prime Cost + Conversion Cost A) Manufacturing Cost. B) Conversion Cost. C) Prime Cost. D) None of the answer. Show Answer Correct Answer: D) None of the answer. 3. Mixed cost is also known as: A) Fluctuating cost. B) Semi variable cost. C) Full cost. D) Double cost. Show Answer Correct Answer: B) Semi variable cost. 4. Nic Company consumed P450, 000 worth of direct materials during May 2020. At the end of the month, the direct materials inventory was P25, 000 lower than the May 1 inventory. How much is the direct materials purchased during May 2020? A) 400, 000. B) P475, 000. C) 375, 000. D) 425, 000. Show Answer Correct Answer: D) 425, 000. 5. Costs that possess characteristics of both fixed and variable cost are called ..... A) Semi-variable cost. B) Variable cost. C) Fixed cost. D) Step cost. Show Answer Correct Answer: A) Semi-variable cost. 6. Which of the following is true about the behavior of fixed and variable costs? A) Per unit VC reduces when output increases. B) Total VC does not change with output. C) Total FC changes with output. D) Per unit FC reduces when output increases. Show Answer Correct Answer: D) Per unit FC reduces when output increases. 7. Inventoriable Cost A) Non-Manufacturing Cost. B) Period Cost. C) Product Cost. D) Non-Inventoriable Cost. Show Answer Correct Answer: C) Product Cost. 8. In which of the following incentive plans of wage payment, wage on time basis are not guaranteed? A) Halsey plan. B) Rowan Plan. C) Taylor's Differential Piece rate system. D) None of these. Show Answer Correct Answer: C) Taylor's Differential Piece rate system. 9. Administration overheads are recovered as a percentage of A) Prime cost. B) Direct wages. C) Direct materials. D) Works cost. Show Answer Correct Answer: D) Works cost. 10. Which of the following considers an 'economic quantity' for the purpose of cost reduction? A) Job costing. B) Batch costing. C) Process costing. D) Contract costing. Show Answer Correct Answer: B) Batch costing. 11. Which of the following is the basic document that is used to accumulate the cost of each order in job order costing? A) Requisition Sheet. B) Purchase order. C) Job cost sheet. D) Invoice. Show Answer Correct Answer: C) Job cost sheet. 12. It is sacrificed resource to achieve a specific objective A) Expenses. B) Cost. C) Expenses. D) Losses. Show Answer Correct Answer: B) Cost. 13. Work in process inventory on December 31, 2030 is P273, 000. Work in process inventory decreased by 40% during 2030. Total manufacturing cost urred amount to P1, 690, 000. What is the cost of goods manufactured? A) 1, 953, 000. B) P1, 872, 000. C) P1, 508, 000. D) P1, 235, 000. Show Answer Correct Answer: B) P1, 872, 000. 14. Any object for which costs or measures are assigned A) Cost object. B) Period object. C) Product object. D) Standard cost. Show Answer Correct Answer: A) Cost object. 15. Choosing the appropriate level of capacity: A) Is a key strategic decision. B) May lead to loss of sales if overestimated. C) May lead to idle capacity if underestimated. D) All of these answers are correct. Show Answer Correct Answer: A) Is a key strategic decision. ← PreviousRelated QuizzesIntroduction QuizzesAccounting QuizzesIntroduction To Cost Accounting Quiz 1Introduction To Cost Accounting Quiz 2Introduction To Cost Accounting Quiz 3Introduction To Cost Accounting Quiz 4Introduction To Cost Accounting Quiz 5Introduction To Cost Accounting Quiz 6Introduction To Cost Accounting Quiz 7Introduction To Cost Accounting Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books