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Introduction To Cost Accounting Quiz 9 (25 MCQs)

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1. _____ is the method of costing used to ascertain the cost of a product at each stage of manufacture.
2. What is the total estimated selling and administration overhead?
3. Cleaner is an example of
4. Financial Accounting is concerned with the:
5. According to ICMA London, costing is "that form of specific order costing, which applies where work is undertaken to customers' special requirements."
6. Cost accounting is important to the management in determining the _____ of their product.
7. Prime costs are comprised of
8. The only method of allocating service department costs to producing departments that considers reciprocal services is called:
9. J & L Company incurred the following costs:Direct materials P215, 000 Conversion costs 435, 000 Manufacturing overhead 190, 000Selling and Administrative expenses 185, 000What is J & L total period costs?
10. Standing charges are also known as _____ expenses
11. When standard output is 10 units per hour and actual output is 12 units per hour, the efficiency is?
12. The difference between factory cost and cost of production is:
13. For exercising control over cost, the best system is _____ costing
14. Cost of 75 units introduced-Rs. 1308, Additional expenses incurred-Rs. 202, Normal loss-15 units, Actual output-70 units and scrap value-Rs.4/ unit. Calculate value of abnormal gain.
15. Donations and charities paid shown in the financial accounts is (A) Appropriation of profit (B) Financial charge (C) Fictitious Asset (D) Financial Income
16. _____ is the oldest branch of accounting.
17. In Shoes factory _____ is direct material
18. _____ is provided in contracts to cover any likely changes in price or utilization of materials and labour.
19. The budgeted indirect labour hours are multiplied to indirect labour cost rate is to calculate:
20. The term 'cost' refers to
21. How much the total direct and indirect cost for client 457?
22. Which of these is not a Material control technique
23. Cost accounting was originated to meet the deficiencies of _____ accounting.
24. Compute the product cost using absorption costing if the budgeted costs are as follows:Direct material used Rm30Direct labour Rm15Direct expenses Rm8Fixed manufacturing overhead Rm2.50Variable manufacturing overhead Rm13
25. For calculating the costs of products and services, a standard costing system:
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