This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Financial accounting provides the primary source of information for: A) Decision making in the finishing department. B) Improving customer service. C) Preparing the income statement for shareholders. D) Planning next year's operating budget. Show Answer Correct Answer: C) Preparing the income statement for shareholders. 2. The principle types of inventories are raw materials and, ..... and finished goods A) Processed materials. B) Goods-in-progress. C) Stored goods. D) Goods for dispatch. Show Answer Correct Answer: B) Goods-in-progress. 3. Standard time is 8 hours, actual time taken is 6 hours & time rate is Rs.2 per hour. The total wages under Halsey plan will be A) Rs.16. B) Rs.18. C) Rs.14. D) None of above. Show Answer Correct Answer: C) Rs.14. 4. Costs that do not change from month to month, you are obligated to pay them regardless of income variation A) Variable expenses. B) Fixed expenses. C) Disposable income. D) Wealth. Show Answer Correct Answer: B) Fixed expenses. 5. The Gummy family budget $ 35 a month for a vacation. How much money will they have saved up if they continue to save this amount for 15 months? A) $ 525. B) $ 225. C) $ 550. D) $ 50. Show Answer Correct Answer: A) $ 525. 6. Under Emerson's Efficiency Plan, no bonus is payable when efficiency is upto A) 50%. B) 66 1/3 %. C) 83 1/3%. D) None of these. Show Answer Correct Answer: B) 66 1/3 %. 7. This process involves the conversion of direct (raw) materials, direct labor, and factory overhead into finished goods. A) Merchandising Process. B) Cost Accounting Process. C) Manufacturing Process. D) Trading Process. Show Answer Correct Answer: C) Manufacturing Process. 8. Materials issued are priced at the latest purchase in ..... A) NIFO. B) FIFO. C) LIFO. D) None of these. Show Answer Correct Answer: C) LIFO. 9. J & L Company incurred the following costs:Direct materials P215, 000Conversion costs 435, 000Manufacturing overhead 190, 000Selling and Admin expenses 185, 000What is J & L prime costs? A) P460, 000. B) P410, 000. C) P405, 000. D) P375, 000. Show Answer Correct Answer: A) P460, 000. 10. Which accounting provide various tools and techniques in order to assist management in creation of policy and making decisions. A) Financial accounting. B) Cost accounting. C) Management accounting. D) None of above. Show Answer Correct Answer: C) Management accounting. 11. Which is a measure to calculate when old employees leave and new employees enter the service of the concern A) Sales Turnover. B) Employers Turnover. C) Labour Turnover. D) Employees Turnover. Show Answer Correct Answer: C) Labour Turnover. 12. ..... is an important point to be determined in industries where batch costing is employed. A) EBQ. B) EOQ. C) Re-order quantity. D) Batch. Show Answer Correct Answer: A) EBQ. 13. Following are the examples of unit measurement in cost accounting, EXCEPT: A) Labour hours. B) Machine hours. C) Kilowatt hours. D) Monetary value(RM). Show Answer Correct Answer: D) Monetary value(RM). 14. ..... is an example of fixed cost A) Direct material cost. B) Chargeable expenses. C) Salary of manager. D) Telephone expenses. Show Answer Correct Answer: C) Salary of manager. 15. A document which contains information about the materials of specific product, in specific department comes under: A) Selling method. B) Costing method. C) Material acquisition method. D) None of the above. Show Answer Correct Answer: C) Material acquisition method. 16. In process costing, costs are accumulated by ..... A) Process. B) Job. C) Batch. D) Production order. Show Answer Correct Answer: A) Process. 17. Normal cost of normal output of 80 units is rs.400 then value of abnormal wastage of 5 units will be: A) Rs. 25. B) Rs. 100. C) Rs. 5. D) Rs. 400. Show Answer Correct Answer: A) Rs. 25. 18. Which of the following is a fixed cost for an automobile manufacturing plant? A) Administrative salaries. B) Electricity used by assembly-line machines. C) Sales commissions. D) Windows for each car produced. Show Answer Correct Answer: A) Administrative salaries. 19. Variable overhead costs include A) Plant-leasing costs. B) The plant manager's salary. C) Depreciation on plant equipment. D) Machine maintenance. Show Answer Correct Answer: D) Machine maintenance. 20. A worker is paid Rs. 0.50 per unit and he produces 18 units in 7 hours. Keeping in view the straight-piece rate system, the total wages of the worker would be? A) 18 * 7 * 0.50 = 63. B) 18 * 0.50 = 9. C) 18 * 7 =126. D) 7 * 0.50 =3.5. Show Answer Correct Answer: B) 18 * 0.50 = 9. ← 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