Cost Accounting

Is it a norm to use code of ethics in Cost Accounting?

• yes

• no

Extra payment reuired to be paid for overtime work is called as overtime

• Premium

• Payment

• Salary

• Wages

Under Halsey Plan, the bonus is paid at a fixed percentage of time saved is

• 40%

• 20%

• 30%

• 50%

Direct costs are those which

• can be accurately traced to a product
• are significant in the production process
• are incurred in a specific period
• include only purchase of materials

An example of variable cost would be

• depreciation of factory machinery
• shop rent
• sales staff commission
• factory manager's salary

Product costs would not include

• materials used in making a hand-bag
• sales staff salaries
• wages of a worker installing solar water-heaters
• overheads assigned to the manufacture of computer components

Any object for which costs or measures are assigned

• cost object
• period object
• product object
• standard cost

Any cost that cannot be traced back to a product

• standard cost
• indirect cost
• direct cost
• period cost

Cost Accounting is...

• the recording of all the costs incurred in a business
• the recording of all the expenses incurred in a business
• the recording of all the direct costs incurred in a business
• the recording of all the revenue incurred in a business

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Assets
• Liabilities
• Owner Equity
• Equity