This quiz works best with JavaScript enabled. Home > Accounting > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... cost is fixed per batch. A) Ordering cost. B) Setting up. C) Storage cost. D) Manufacturing cost. Show Answer Correct Answer: B) Setting up. 2. What is the indirect material used in the production of furniture? A) Meranti lumber. B) Carpenter wages. C) Jati lumber. D) Varnish. Show Answer Correct Answer: D) Varnish. 3. Wages paid to time clerk is an example of: A) Office Cost. B) Direct Cost. C) Indirect Cost. D) Sales and Distribution Cost. Show Answer Correct Answer: B) Direct Cost. 4. SP-P500, VC/unit-P300, Total Fixed Cost P100, 000. How much is sales in peso if the target profit is P50, 000 A) P250, 000. B) P100, 000. C) P50, 000. D) P375, 000. Show Answer Correct Answer: D) P375, 000. 5. Under Taylor's differential piece rate system, if a worker failed to complete the task within the standard time, then he was paid A) 83% of the piece rate. B) 175% of the piece rate. C) 125% of the piece rate. D) 67% of the piece rate. Show Answer Correct Answer: A) 83% of the piece rate. 6. Which one of the following is not treated as a method of costing? A) Batch costing & Contract costing. B) Job costing & Operating costing. C) Marginal costing & Absorption costing. D) Process costing & Unit costing. Show Answer Correct Answer: C) Marginal costing & Absorption costing. 7. Stores Ledger is a: A) Quantitative as well as value wise records of material received, issued and balance;. B) Quantitative record of material received, issued and balance. C) Value wise records of material received, issued and balance. D) A record of labour attendance. Show Answer Correct Answer: A) Quantitative as well as value wise records of material received, issued and balance;. 8. Floor area may be used as a basis for the apportionment of ..... A) Rent and rate. B) Building insurance. C) Lighting. D) All of these. Show Answer Correct Answer: D) All of these. 9. It is a cost that expires without producing any revenue benefit. A) Income. B) Expenses. C) Losses. D) Cost. Show Answer Correct Answer: C) Losses. 10. Below are information related to job order costing EXCEPT: A) Cost are assigned to each job. B) Accumulates costs for each unique job. C) No unique characteristic is required. D) To compute cost per job. Show Answer Correct Answer: C) No unique characteristic is required. 11. The practice of charging all costs, both variable and fixed, to operations, processes or product is known as A) Uniform costing. B) Historical costing. C) Marginal costing. D) Absorption costing. Show Answer Correct Answer: D) Absorption costing. 12. For identification, each job or work order received from a customer is allotted a A) Job number. B) Batch number. C) Production order. D) Code number. Show Answer Correct Answer: A) Job number. 13. A cost that changes in total dollar amount with the change in the level of activity is known as: A) Semi variable cost. B) Step cost. C) Variable cost. D) Fixed cost. Show Answer Correct Answer: C) Variable cost. 14. Which one of the following is least likely to be an objective of cost accounting system? A) Product Costing and Inventory Valuation. B) Sales Commission Determination. C) Department Efficiency. D) Income Determination. Show Answer Correct Answer: B) Sales Commission Determination. 15. How much the company charge client 457? A) RM 6, 480.33. B) RM 8, 640.33. C) RM 4, 680.33. D) RM 8, 460.33. Show Answer Correct Answer: B) RM 8, 640.33. 16. The techniques and the process of ascertaining costs is known as A) Cost accountancy. B) Costing. C) Cost accounting. D) Cost. Show Answer Correct Answer: B) Costing. 17. Managerial accounting is a provision of information to the ..... A) Internal parties. B) External parties. C) Statutory bodies. D) Current and potential investors. Show Answer Correct Answer: A) Internal parties. 18. The quantity of material to be ordered at one time is known as ..... A) Ordering quantity. B) Commercial order quantity. C) Economic order quantity. D) None of these. Show Answer Correct Answer: A) Ordering quantity. 19. What type of users does managerial accounting focus on? A) Company management. B) Current Investors. C) Potential Investors. D) Lenders. Show Answer Correct Answer: A) Company management. 20. Calculate fixed production overhead costs per unit: A) RM7.00 per unit. B) RM 6.00 per unit. C) RM 4.00 per unit. D) RM 5.00 per unit. Show Answer Correct Answer: B) RM 6.00 per unit. 21. ..... is a technique of material cost control which leads to low carrying cost as a result of low investment in inventory A) Perpetual Inventory System. B) VED Analysis. C) JIT Inventory System. D) ABC Analysis. Show Answer Correct Answer: C) JIT Inventory System. 22. ..... is a group of identical products. A) Process. B) Contract. C) Job. D) Batch. Show Answer Correct Answer: D) Batch. 23. The sum of Total Manufacturing Cost and work in process, beginning equals: A) Cost of goods placed in process. B) Cost of goods manufactured. C) Cost of goods sold. D) Cost of goods available for sale. Show Answer Correct Answer: A) Cost of goods placed in process. 24. Factory rent is a part of ..... A) Prime cost. B) Factory overhead. C) Distribution overhead. D) Selling overhead. Show Answer Correct Answer: B) Factory overhead. 25. Cost centres are created for A) Segregating costs into fixed and variable. B) Control and fixing responsibility. C) Making decisions. D) Ascertaining profit. Show Answer Correct Answer: B) Control and fixing responsibility. 26. Warehouse rent is a part of A) Distribution overhead. B) Factory overhead. C) Selling overhead. D) Prime cost. Show Answer Correct Answer: A) Distribution overhead. 27. The branch of accounting is A) Financial accounting. B) Management accounting. C) Cost accounting. D) All of above. Show Answer Correct Answer: D) All of above. 28. Calculate cost per direct labour hour for 3FSB. A) RM 20.00. B) RM 40.00. C) RM 30.00. D) RM 10.00. Show Answer Correct Answer: D) RM 10.00. 29. The rent of a factory is classed as what type of cost? A) Direct Expense. B) Indirect Material. C) Indirect Expense. D) Direct Labour. Show Answer Correct Answer: C) Indirect Expense. 30. Total Cost-marginal cost = A) Fixed Cost. B) Variable Cost. C) Total Cost. D) None of the above. Show Answer Correct Answer: A) Fixed Cost. ← PreviousNext →Related QuizzesIntroduction QuizzesAccounting QuizzesIntroduction To Cost Accounting Quiz 1Introduction To Cost Accounting Quiz 2Introduction To Cost Accounting Quiz 3Introduction To Cost Accounting Quiz 5Introduction To Cost Accounting Quiz 6Introduction To Cost Accounting Quiz 7Introduction To Cost Accounting Quiz 8Introduction To Cost Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books