Cost Accounting

Cost Accounting

Assessment

Passage

Business

10th Grade

Practice Problem

Hard

Created by

MIN KYUNG KIM

FREE Resource

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an area where cost accounting assists management?

A) Cost behavior

B) Cost-volume-profit relationships

C) Marketing strategies

D) Budgeting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost accounting helps in analyzing ______.

cost behavior

cost-volume-profit relationships

budgeting

all of the above.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for what a company gives up in resources to obtain a benefit or any other resource?

Profit

Cost

Revenue

Investment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Examples of resources a company can give up to produce a product include materials, electricity, depreciation, and ________.

A) Taxes

B) Labor and wages

C) Marketing

D) Insurance

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a category of cost?

Product cost

Period cost

Prime cost

Revenue cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: _______ cost refers to the potential benefit that is given up when one alternative is selected over another.

A) Fixed

B) Variable

C) Sunk

D) Opportunity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost assigned to the manufacture of products and recognized for financial reporting when sold?

Product Cost

Overhead Cost

Direct Cost

Variable Cost

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