This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... process loss should be transferred to costing profit and loss account. A) Normal. B) Abnormal. C) Actual. D) None of these. Show Answer Correct Answer: B) Abnormal. 2. What is the production cost for Job 123? A) RM 1, 450.00. B) RM 1, 550.00. C) RM 1, 350.00. D) RM 1, 650.00. Show Answer Correct Answer: A) RM 1, 450.00. 3. Under Halsey Plan, the bonus is paid at a fixed percentage of time saved is A) 40%. B) 20%. C) 30%. D) 50%. Show Answer Correct Answer: D) 50%. 4. Extra payment reuired to be paid for overtime work is called as overtime A) Premium. B) Payment. C) Salary. D) Wages. Show Answer Correct Answer: A) Premium. 5. It is the difference between actual or expected sales and sales at the break-even point A) Margin of Selling Price. B) Margin of Sales. C) Margin of Safety. D) Margin of Sales Mix. Show Answer Correct Answer: C) Margin of Safety. 6. Hesketh is a stationary business. Classify the following elements:Insurance of office computers A) Material. B) Labour. C) Overhead. D) None of above. Show Answer Correct Answer: C) Overhead. 7. An example of fixed cost is ..... A) Direct material cost. B) Works manager's r salary. C) Depreciation of machinery. D) Chargeable expenses. Show Answer Correct Answer: B) Works manager's r salary. 8. Compute the product cost using marginal costing if the budgeted costs are as follows:Direct material used Rm30Direct labour Rm15Direct expenses Rm8Fixed manufacturing overhead Rm2.50Variable manufacturing overhead Rm13 A) Rm68.50. B) Rm55.50. C) Rm60.50. D) Rm66.00. Show Answer Correct Answer: D) Rm66.00. 9. The following parties are considered as internal parties of cost accounting information, EXCEPT: A) Supplier. B) Manager of the company. C) Chief Executive Officer (CEO). D) Shareholders. Show Answer Correct Answer: A) Supplier. 10. -Which one of the following is incorrect? A) Minimum stock level. B) Total stock level. C) Average stock level. D) Maximum stock level. Show Answer Correct Answer: B) Total stock level. 11. Assigning costs A) Involves the way that a cost is linked to some cost object. B) Tells the company why the money was spent. C) To a cost object using a reasonable and convenient method is allocation. D) All of these. Show Answer Correct Answer: D) All of these. 12. The method of costing used to ascertain the cost of a batch is called A) Contract costing. B) Process costing. C) Batch costing. D) Process costing. Show Answer Correct Answer: C) Batch costing. 13. Contract price is the cost of work done plus a percentage in case of A) Cost plus contract. B) Target costing. C) Fixed price contract. D) Fluctuating contract. Show Answer Correct Answer: A) Cost plus contract. 14. What is the Al-Ghazi's indirect cost allocate rate? A) RM 10.00. B) RM 20.00. C) RM 30.00. D) RM 40.00. Show Answer Correct Answer: C) RM 30.00. 15. The Ascertainment of costs after they have been incurred is known as A) Direct costing. B) Absorption costing. C) Uniform costing. D) Historical costing. Show Answer Correct Answer: D) Historical costing. 16. ..... refers to the part payment made by the contractee to the contractor on the basis of certificate issued by the architect to the contractee. A) Work certified. B) Work in progress. C) Notional profit. D) Progress payment. Show Answer Correct Answer: D) Progress payment. 17. ..... system of costing is suitable for toy making A) Batch costing. B) Job costing. C) Operating costing. D) Process costing. Show Answer Correct Answer: A) Batch costing. 18. The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the: A) Balance Sheet. B) Income Statement. C) Statement of Cash Flows. D) None of These. Show Answer Correct Answer: B) Income Statement. 19. Work in process inventory increased by P110, 000 during 2030. Cost of goods manufactured was P1, 540, 000. Total manufacturing costs incurred in 2030 are: A) P1, 650, 000. B) P1, 878, 500. C) P1, 937, 000. D) P1, 441, 000. Show Answer Correct Answer: A) P1, 650, 000. 20. An under allocated indirect cost can also be called as: A) Absorbed indirect cost. B) Under applied indirect cost. C) Under absorbed indirect cost. D) Both B & C. Show Answer Correct Answer: D) Both B & C. ← 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