Pop Quiz Costing 1

There are FIVE functions of management.

• TRUE

• FALSE

Financial Accounting aims to provide information for internal users while Management Accounting aims to provide information to external users.

• TRUE

• FALSE

"comparing actual results to determine whether the objectives set in planning stage are being met and taking necessary corrective actions either to adjust the objectives and/or their implementation" is referring to......

• Planning

• Organising

• Leading

• Controlling

_____ cost also known as overhead

• Indirect

• Prime

• Product

• Period

·         Vary in direct proportion to the volume of activity

·         Total variable costs are linear where it increases proportionately with increase of volume of activity.

The above statement is referring to____

• Fixed Cost

• Variable Cost

• Semi Fixed Cost

• Semi Variable cost