This quiz works best with JavaScript enabled. Home > Accounting > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When the cost accounting should be prepared by the Cost Accountant? A) Whenever needed by all external users. B) Whenever needed by the bank. C) Whenever needed by the government. D) Whenever needed by the managers. Show Answer Correct Answer: D) Whenever needed by the managers. 2. The budgeted total direct labour cost is divided with budgeted total direct labour hours is to calculate the A) Forecasted direct labour cost per unit. B) Expected direct labour cost per unit. C) Estimated direct labour cost per unit. D) Budgeted direct labour cost per unit. Show Answer Correct Answer: D) Budgeted direct labour cost per unit. 3. What is the total overhead cost for Job 123? A) RM 150.00. B) RM 200.00. C) RM 250.00. D) RM 300.00. Show Answer Correct Answer: C) RM 250.00. 4. What is the total selling price for Job 123? A) RM 4, 084.38. B) RM 1, 084.38. C) RM 3, 084.38. D) RM 2, 084.38. Show Answer Correct Answer: D) RM 2, 084.38. 5. The weighted average for the year inventory cost flow method is applicable to which of the following inventory system? A) Periodic-yes; Perpetual-yes. B) Periodic-no; Perpetual-yes. C) Periodic-yes; Perpetual-no. D) Periodic-no; Perpetual-no. Show Answer Correct Answer: C) Periodic-yes; Perpetual-no. 6. The following is the objective of cost accounting except ..... A) Ascertainment of cost. B) Planning and controlling cost. C) Decision making. D) Observations. Show Answer Correct Answer: D) Observations. 7. Which method is used in hospitals for determining cost? A) Operating costing. B) Process costing. C) Job costing. D) Unit costing. Show Answer Correct Answer: A) Operating costing. 8. For Chemical ..... will be cost unit A) Meter. B) Dozen. C) Liter. D) Square foot. Show Answer Correct Answer: C) Liter. 9. An example of variable cost would be A) Depreciation of factory machinery. B) Sales staff commission. C) Factory manager's salary. D) Shop rent. Show Answer Correct Answer: B) Sales staff commission. 10. Given that for a job standard time is 8 hours, actual time taken is 6 hours and the time rate is Rs.2 per hour. What is the total wages, under Halsey Premium Plan? A) 18. B) 12. C) 16. D) 14. Show Answer Correct Answer: D) 14. 11. Any cost that cannot be traced back to a product A) Standard cost. B) Indirect cost. C) Direct cost. D) Period cost. Show Answer Correct Answer: B) Indirect cost. 12. If the budgeted direct labour hours are 4, 000 hours and direct labour cost rate is RM6.00 per labour hour then, the total direct labour cost would be:- A) RM 12, 000. B) RM 121, 000. C) RM 211, 000. D) RM 24, 000. Show Answer Correct Answer: D) RM 24, 000. 13. Also known as Non-Manufacturing Cost A) Inventoriable Cost. B) Period Cost. C) Manufacturing Cost. D) Product Cost. Show Answer Correct Answer: B) Period Cost. 14. What is the meaning of overtime? A) Idle time. B) Unproductive time of employees for which they are still paid. C) Any hours worked that exceed normally scheduled working hours. D) A sum of money added to a person's wages as a reward for good performance. Show Answer Correct Answer: C) Any hours worked that exceed normally scheduled working hours. 15. Direct material is a ..... A) Fixed cost. B) Variable cost. C) Semi-variable cost. D) None of the above. Show Answer Correct Answer: B) Variable cost. 16. The amount expended by the contractor on a contract not completed at the end of the accounting period is called ..... A) Work uncertified. B) Work in progress. C) Progress payment. D) Work certified. Show Answer Correct Answer: B) Work in progress. 17. Variable cost change ..... with change in output. A) Indirect. B) Industry. C) Inversely. D) Proportionality. Show Answer Correct Answer: D) Proportionality. 18. Calculate fixed overhead costs per unit cost to produce the chair? A) RM 40.00. B) RM 30.00. C) RM 10.00. D) RM 20.00. Show Answer Correct Answer: C) RM 10.00. 19. Idle time is the time under which A) Full wages are paid to workers. B) No production is given by the workers. C) Both (a) & (b). D) (d) None of the above. Show Answer Correct Answer: C) Both (a) & (b). 20. Overhead refers to: A) Direct or Prime Cost. B) All Indirect costs. C) Only Factory indirect costs. D) Only indirect expenses. Show Answer Correct Answer: B) All Indirect costs. 21. What is the total material cost for Job 123? A) RM 500.00. B) RM 600.00. C) RM 400.00. D) RM 700.00. Show Answer Correct Answer: B) RM 600.00. 22. Cost accounting differs from financial accounting in respect of A) Ascertain cost. B) Control of cost. C) Eporting of cost. D) Recording of cost. Show Answer Correct Answer: B) Control of cost. 23. An indirect cost A) Can be easily and accurately traced to a cost object. B) Is hard to trace. C) Should never be assigned to a cost object. D) None of above. Show Answer Correct Answer: B) Is hard to trace. 24. Which one is the MOST suitable cost driver for total labor cost? A) Machine hour. B) Labour hours worked. C) Number of return of goods. D) Number of raw material ordered. Show Answer Correct Answer: B) Labour hours worked. 25. Prime Cost includes: A) All direct costs. B) All indirect costs. C) Direct material and all labor costs. D) Conversion cost and factory overheads. Show Answer Correct Answer: A) All direct costs. 26. Calculate per direct labour hour rate: A) RM 4.60 per labour hour. B) RM 4.50 per labour hour. C) RM 4.30 per labour hour. D) RM 4.40 per labour hour. Show Answer Correct Answer: B) RM 4.50 per labour hour. 27. How much indirect costs will be allocated to client 457? A) RM 1, 200.00. B) RM 2, 200.00. C) RM 3, 300.00. D) RM 4, 400.00. Show Answer Correct Answer: A) RM 1, 200.00. 28. The method of costing applied in cycle part manufacturing is A) Batch costing. B) Job costing. C) Process costing. D) None of the above. Show Answer Correct Answer: A) Batch costing. 29. Under allocated indirect cost is also called as: A) Under estimate indirect cost. B) Under forecast indirect cost. C) Under absorbed indirect cost. D) Under usage indirect cost. Show Answer Correct Answer: C) Under absorbed indirect cost. 30. Cost unit applicable for bus transport business A) Tonne. B) Passenger-kilometre. C) Kilometre. D) Number. Show Answer Correct Answer: B) Passenger-kilometre. ← PreviousNext →Related 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 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