Key Terms - The costing system

Key Terms - The costing system

Professional Development

6 Qs

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Key Terms - The costing system

Key Terms - The costing system

Assessment

Quiz

Business

Professional Development

Practice Problem

Medium

Created by

Jacqui Barnard

Used 2+ times

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6 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

A costing system collates costs and is used to help with

managing and controlling costs

decision making

planning

increasing costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Management accounting concerns on providing information

About historical past costs

About possible future costs

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The cost classification by elements are

Materials

Expenses

Labour

Income

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Cost classification by nature is concerned with

Indirect costs

Direct costs

Revenue Income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A prime cost is ..

Total direct cost for a unit of output

The first cost for each unit of output

The best cost for each unit of output

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The 'cost of production' is

the total of direct and indirect production costs

irrelevant to the price of a product or service
not a consideration for businesses