This quiz works best with JavaScript enabled. Home > Introduction > Introduction To Cost Accounting > Introduction To Cost Accounting – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Introduction To Cost Accounting Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the total material cost for Job 123? A) RM 400.00. B) RM 500.00. C) RM 600.00. D) RM 700.00. Show Answer Correct Answer: C) RM 600.00. 2. Cost accounting differs from financial accounting in respect of A) Ascertain cost. B) Recording of cost. C) Eporting of cost. D) Control of cost. Show Answer Correct Answer: D) Control of cost. 3. An indirect cost A) Can be easily and accurately traced to a cost object. B) Is hard to trace. C) Should never be assigned to a cost object. D) None of above. Show Answer Correct Answer: B) Is hard to trace. 4. Which one is the MOST suitable cost driver for total labor cost? A) Machine hour. B) Number of return of goods. C) Number of raw material ordered. D) Labour hours worked. Show Answer Correct Answer: D) Labour hours worked. 5. Prime Cost includes: A) All direct costs. B) All indirect costs. C) Direct material and all labor costs. D) Conversion cost and factory overheads. Show Answer Correct Answer: A) All direct costs. 6. Calculate per direct labour hour rate: A) RM 4.60 per labour hour. B) RM 4.50 per labour hour. C) RM 4.40 per labour hour. D) RM 4.30 per labour hour. Show Answer Correct Answer: B) RM 4.50 per labour hour. 7. How much indirect costs will be allocated to client 457? A) RM 1, 200.00. B) RM 2, 200.00. C) RM 3, 300.00. D) RM 4, 400.00. Show Answer Correct Answer: A) RM 1, 200.00. 8. The method of costing applied in cycle part manufacturing is A) Batch costing. B) Job costing. C) Process costing. D) None of the above. Show Answer Correct Answer: A) Batch costing. 9. Under allocated indirect cost is also called as: A) Under usage indirect cost. B) Under forecast indirect cost. C) Under estimate indirect cost. D) Under absorbed indirect cost. Show Answer Correct Answer: D) Under absorbed indirect cost. 10. Cost unit applicable for bus transport business A) Number. B) Passenger-kilometre. C) Tonne. D) Kilometre. Show Answer Correct Answer: B) Passenger-kilometre. 11. Effective planning of variable overhead costs means that a company performs those variable overhead costs that primarily add value for: A) The current shareholders. B) The customer using the products or services. C) Plant employees. D) Major suppliers of component parts. Show Answer Correct Answer: B) The customer using the products or services. 12. Ahmad worked as account assistant. He was paid RM25 per hour. He worked 45 hours and normal working hours is 40 hours. What is the basic pay for Ahmad? A) RM1, 100. B) RM1, 125. C) RM1, 215. D) RM1, 000. Show Answer Correct Answer: D) RM1, 000. 13. Depending on the terms of contract, the contractee may pay only 80% to 90% of work certified to the contractor. This is referred to as ..... A) Retention money. B) Cash ratio. C) Work in progress. D) Notional profit. Show Answer Correct Answer: B) Cash ratio. 14. Which of the following would not be a period cost? A) Research and development. B) Direct materials. C) Advertising costs. D) Office supplies. Show Answer Correct Answer: B) Direct materials. 15. Under Gantt's Task & Bonus plan, no bonus is payable to a worker if his efficiency is less than A) 66.33%. B) 83.33%. C) 100%. D) None of above. Show Answer Correct Answer: C) 100%. 16. In cost accounting, a cost object is A) A target or standard to be aimed for. B) Any object for hwich dosts or measures are assigned. C) A problem which might prvent accounting targets being met. D) All of the above. Show Answer Correct Answer: B) Any object for hwich dosts or measures are assigned. 17. ..... provides information for income determination A) Financial accounting. B) Management accounting. C) Cost accounting. D) None of the above. Show Answer Correct Answer: A) Financial accounting. 18. Management accounting includes all of the following EXCEPT A) Implementing strategies. B) Developing budgets. C) Preparing special studies and forecasts. D) Preparing the statement of cash flows. Show Answer Correct Answer: D) Preparing the statement of cash flows. 19. Idle Time is A) Time spent by workers to take lunch. B) Time spent by workers on their jobs. C) Time spent by workers in the factory. D) The difference between time paid for and time spent on job. Show Answer Correct Answer: D) The difference between time paid for and time spent on job. 20. A method of costing applied where costs are collected and accumulated for each work order. A) Process costing. B) Contract costing. C) Operating costing. D) Job costing. Show Answer Correct Answer: D) Job costing. ← 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 9Introduction To Cost Accounting Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books