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Cost Centres Quiz

Authored by Hannah Page

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University

Used 4+ times

Cost Centres Quiz
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of cost identification?

To determine the cost of goods or services

To classify costs

To assign costs to activities, products, or services

To identify all cost elements for a product or service

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cost allocation?

Assigning costs to activities, products, or services

Controlling costs to stay within budget

Collecting and classifying costs

Identifying cost elements to produce a product or service

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of cost control?

To determine the cost of production

To classify costs

To assign costs to activities

To monitor and control costs within budget

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a cost centre?

A department that incurs costs but doesn't generate revenue

A department that generates revenue

A department that manages overall expenses

A department that tracks expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of cost centres?

To evaluate department efficiency and profitability

To determine product or service prices

To accurately allocate and analyze expenses

All of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cost allocation?

Assigning costs to departments that incurred them

Regulating expenses within cost centres

Analyzing cost centre's impact on budget

Establishing mechanisms to manage costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cost control?

Assigning costs to departments or divisions

Monitoring and regulating expenses

Analyzing cost centre impact on budget

Establishing control mechanisms for costs

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