This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 21 (12 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Costs that possess characteristics of both fixed and variable cost are called ..... A) Semi-variable cost. B) Step cost. C) Variable cost. D) Fixed cost. Show Answer Correct Answer: A) Semi-variable cost. 2. Which of the following is true about the behavior of fixed and variable costs? A) Total FC changes with output. B) Per unit FC reduces when output increases. C) Total VC does not change with output. D) Per unit VC reduces when output increases. Show Answer Correct Answer: B) Per unit FC reduces when output increases. 3. Inventoriable Cost A) Period Cost. B) Non-Inventoriable Cost. C) Non-Manufacturing Cost. D) Product Cost. Show Answer Correct Answer: D) Product Cost. 4. In which of the following incentive plans of wage payment, wage on time basis are not guaranteed? A) Halsey plan. B) Rowan Plan. C) Taylor's Differential Piece rate system. D) None of these. Show Answer Correct Answer: C) Taylor's Differential Piece rate system. 5. Administration overheads are recovered as a percentage of A) Works cost. B) Prime cost. C) Direct materials. D) Direct wages. Show Answer Correct Answer: A) Works cost. 6. Which of the following considers an 'economic quantity' for the purpose of cost reduction? A) Job costing. B) Process costing. C) Batch costing. D) Contract costing. Show Answer Correct Answer: C) Batch costing. 7. Which of the following is the basic document that is used to accumulate the cost of each order in job order costing? A) Invoice. B) Purchase order. C) Requisition Sheet. D) Job cost sheet. Show Answer Correct Answer: D) Job cost sheet. 8. It is sacrificed resource to achieve a specific objective A) Losses. B) Cost. C) Expenses. D) Expenses. Show Answer Correct Answer: B) Cost. 9. Work in process inventory on December 31, 2030 is P273, 000. Work in process inventory decreased by 40% during 2030. Total manufacturing cost urred amount to P1, 690, 000. What is the cost of goods manufactured? A) P1, 872, 000. B) P1, 508, 000. C) 1, 953, 000. D) P1, 235, 000. Show Answer Correct Answer: A) P1, 872, 000. 10. Any object for which costs or measures are assigned A) Cost object. B) Period object. C) Product object. D) Standard cost. Show Answer Correct Answer: A) Cost object. 11. Choosing the appropriate level of capacity: A) Is a key strategic decision. B) May lead to loss of sales if overestimated. C) May lead to idle capacity if underestimated. D) All of these answers are correct. Show Answer Correct Answer: A) Is a key strategic decision. 12. Product cost =? A) Manufacturing overhead cost + Direct labor cost. B) Direct materials cost + Direct labor cost. C) Direct materials cost + Manufacturing overhead cost. D) Direct materials cost + Direct labor cost + Manufacturing overhead cost. Show Answer Correct Answer: D) Direct materials cost + Direct labor cost + Manufacturing overhead cost. ← PreviousRelated 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