This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Work in progress in contract means A) Work certified. B) Work certified and uncertified. C) Work uncertified. D) None of these. Show Answer Correct Answer: B) Work certified and uncertified. 2. In ABC analysis"C' class items require A) High Control. B) Moderate control. C) Loose Control. D) None of these. Show Answer Correct Answer: C) Loose Control. 3. Product costs would not include A) Materials used in making a hand-bag. B) Sales staff salaries. C) Wages of a worker installing solar water-heaters. D) Overheads assigned to the manufacture of computer components. Show Answer Correct Answer: B) Sales staff salaries. 4. Calculate re-order level from the following:Safety stock:1000 units Consumption per week:500 units It takes 12 weeks to reach material from the date of ordering A) 1000 units. B) 6000 units. C) 3000 units. D) 7000 units. Show Answer Correct Answer: D) 7000 units. 5. Cost accounting is different from Financial Accounting. Which of the following are the BASIS of their difference? i. Unit measurement.ii. Report frequency.iii. Accounting principle.iv. Taxation principle. A) I, ii and iii. B) Ii, iii and iv. C) I, ii and iv. D) Iii and iv. Show Answer Correct Answer: A) I, ii and iii. 6. Fixed cost and variable cost are which classification of cost? A) Cost function. B) Cost behaviour. C) Nature of expense. D) Production process. Show Answer Correct Answer: B) Cost behaviour. 7. Calculate total cost per unit for 3FSB. A) RM 20.00. B) RM 30.00. C) RM 40.00. D) RM 50.00. Show Answer Correct Answer: C) RM 40.00. 8. What is the total profit for Job 123? A) RM 316.88. B) RM 416.88. C) RM 516.88. D) RM 616.88. Show Answer Correct Answer: B) RM 416.88. 9. Labour Turn over is measured by A) Number of workers replaced/average number of workers. B) Number of workers joining /number in the beginning of the period. C) Number of workers left /Number in the beginning plus number at the end. D) None of above. Show Answer Correct Answer: A) Number of workers replaced/average number of workers. 10. All else constant, if the selling price falls, A) Contribution margin percentage will be higher than expected. B) Per-unit contribution margin will be lower than expected. C) Total variable costs will be lower than expected. D) Total contribution margin will be higher than expected. Show Answer Correct Answer: B) Per-unit contribution margin will be lower than expected. 11. ..... cost is fixed per batch. A) Setting up. B) Manufacturing cost. C) Storage cost. D) Ordering cost. Show Answer Correct Answer: A) Setting up. 12. What is the indirect material used in the production of furniture? A) Jati lumber. B) Meranti lumber. C) Varnish. D) Carpenter wages. Show Answer Correct Answer: C) Varnish. 13. Wages paid to time clerk is an example of: A) Office Cost. B) Direct Cost. C) Indirect Cost. D) Sales and Distribution Cost. Show Answer Correct Answer: B) Direct Cost. 14. SP-P500, VC/unit-P300, Total Fixed Cost P100, 000. How much is sales in peso if the target profit is P50, 000 A) P250, 000. B) P375, 000. C) P50, 000. D) P100, 000. Show Answer Correct Answer: B) P375, 000. 15. Under Taylor's differential piece rate system, if a worker failed to complete the task within the standard time, then he was paid A) 67% of the piece rate. B) 125% of the piece rate. C) 83% of the piece rate. D) 175% of the piece rate. Show Answer Correct Answer: C) 83% of the piece rate. 16. Which one of the following is not treated as a method of costing? A) Job costing & Operating costing. B) Batch costing & Contract costing. C) Marginal costing & Absorption costing. D) Process costing & Unit costing. Show Answer Correct Answer: C) Marginal costing & Absorption costing. 17. Stores Ledger is a: A) Quantitative as well as value wise records of material received, issued and balance;. B) Quantitative record of material received, issued and balance. C) Value wise records of material received, issued and balance. D) A record of labour attendance. Show Answer Correct Answer: A) Quantitative as well as value wise records of material received, issued and balance;. 18. Floor area may be used as a basis for the apportionment of ..... A) Rent and rate. B) Building insurance. C) Lighting. D) All of these. Show Answer Correct Answer: D) All of these. 19. It is a cost that expires without producing any revenue benefit. A) Cost. B) Income. C) Expenses. D) Losses. Show Answer Correct Answer: D) Losses. 20. Below are information related to job order costing EXCEPT: A) To compute cost per job. B) Cost are assigned to each job. C) No unique characteristic is required. D) Accumulates costs for each unique job. Show Answer Correct Answer: C) No unique characteristic is required. ← 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 6Introduction To Cost Accounting Quiz 7Introduction To Cost Accounting Quiz 8Introduction To Cost Accounting Quiz 9Introduction To Cost Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books