This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. To prepare the cash budget, all of the following budgets are required except: A) Budgeted balance sheet. B) Revenue budget. C) Capital expenditures budget. D) Cost of goods sold budget. Show Answer Correct Answer: A) Budgeted balance sheet. 2. How much is the overall cost charge to client 457? A) RM 7.513.33. B) RM 8, 513.33. C) RM 9, 513.33. D) RM 6, 513.33. Show Answer Correct Answer: A) RM 7.513.33. 3. If the budgeted direct labour hours is 34 hours and direct labour rate is RM5.00, then the total direct labour cost would be: A) RM 175.00. B) RM 157.00. C) RM 177.00. D) RM 170.00. Show Answer Correct Answer: D) RM 170.00. 4. An example of variable cost is ..... A) Interest on capital. B) Direct labour. C) Depreciation. D) Insurance. Show Answer Correct Answer: B) Direct labour. 5. To be successful, an incentive wage plan must: A) Result in immediate reward every payday. B) Provide for proportionately more pay for output above standard. C) Be applicable to situations in which a worker can increase output. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. The sum of operating ratio & operating profit ratio is always ..... % A) 80. B) 50. C) 100. D) 90. Show Answer Correct Answer: C) 100. 7. Obligations (amounts owed) are reported on the balance sheet and are referred to as ..... A) Assets. B) Liabilities. C) Debt. D) Owner Equity. Show Answer Correct Answer: B) Liabilities. 8. ..... means ascertainment of cost A) Costing. B) Cost Accounting. C) Cost Accountancy. D) All of the above. Show Answer Correct Answer: A) Costing. 9. This budget shows both the quantity and cost of direct materials to be purchased. A) Production. B) Direct materials. C) Indirect materials. D) Materials. Show Answer Correct Answer: B) Direct materials. 10. Which one of the following is an example of a mixed cost? A) Factory rent. B) Salaries. C) Telephone bills. D) Straight line depreciation. Show Answer Correct Answer: C) Telephone bills. 11. Which is a method of specific order costing? A) Job costing. B) Process costing. C) Output costing. D) Service costing. Show Answer Correct Answer: A) Job costing. 12. Works overheads on incomplete jobs at the end of the period are transferred to which account? A) Works overhead control accountsuspense account. B) Works overhead suspense account. C) Work in progress ledger control account. D) Stores ledger account. Show Answer Correct Answer: B) Works overhead suspense account. 13. Which of the following methods of wage payment is most suitable where quality and accuracy of work is of primary importance? A) Rowan Plan. B) Halsey Premium plan. C) Differential Piece rate system. D) Time rate system. Show Answer Correct Answer: C) Differential Piece rate system. 14. In a standard costing system, a cost-allocation base would MOST likely be: A) Actual machine-hours. B) Normal machine-hours. C) Standard machine-hours. D) Any of these answers is correct. Show Answer Correct Answer: C) Standard machine-hours. 15. Wastage has two types A) True. B) False. C) Both. D) None of above. Show Answer Correct Answer: A) True. 16. The recording of time of arrival or departure at the factory time is A) Time booking. B) Time allotting. C) Time taking. D) Time keeping. Show Answer Correct Answer: D) Time keeping. 17. Prime Cost A) Fixed Labour + Current Materials. B) Direct Materials + Direct Cost. C) Direct Materials + Direct Labour + Overheads. D) Direct Materials + Direct Labour. Show Answer Correct Answer: D) Direct Materials + Direct Labour. 18. ..... is a location, person or item of equipment (or group of these) for which costs may be ascertained and used for the purpose of control. A) Cost centre. B) Revenue centre. C) Profit centre. D) Responsibility. Show Answer Correct Answer: A) Cost centre. 19. Bin card is a record of ..... only. A) Cost. B) Value. C) Quantity. D) Expense. Show Answer Correct Answer: C) Quantity. 20. Direct Materials + Direct Labor A) Prime Cost. B) Conversion Cost. C) Manufacturing Cost. D) Work in Process. Show Answer Correct Answer: A) Prime Cost. ← PreviousNext →Related QuizzesIntroduction 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 8Introduction To Cost Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books