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WorksheetsAAT Level 3 Costs and Revenues
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
Which of the following is an example of capital expenditure?
a)
Repairs to machinery
b)
Depreciation of new vehicle
c)
Installation of air conditioning
d)
Redecoration of office
2.
A semi-variable cost is what?
a)
A cost that contains both a fixed and variable element.
b)
A cost which varies with production levels.
c)
A cost which rises in steps only.
d)
A cost which remains fixed regardless of activity level.
3.
If basic pay is paid for a 40 hour week at £6 per hour and overtime at time and a half, what is the total pay due for a 50 hour week?
a)
£300
b)
£330
c)
£90
d)
£249
4.
If basic pay is paid for a 40 hour week at £6 per hour and overtime at time and a half, what is the overtime premium for a 50 hour week?
a)
£90
b)
£330
c)
£30
d)
£60
5.
What would be the most appropriate basis to apportion rent and rates for a factory?
a)
Power usage
b)
Number of employees
c)
Carrying value of machinery
d)
Floor space
6.
A cost which increases in direct proportion to activity would be what type of cost?
a)
Variable
b)
Fixed
c)
Semi-variable
d)
Stepped
7.
What is a cost unit?
a)
A location or function in which respect costs are accumulated.
b)
An individual unit of product or service for which costs can be separately ascertained.
c)
Items of expenditure that are not labour or materials related.
d)
Costs that vary with time, but not level.
8.
FIFO is what?
a)
A method of valuing issues of inventory that assumes issues are made from the newest inventory available.
b)
The quantity of inventory in hand at the time when a new order is placed.
c)
A method of valuing issues of inventory that assumes issues are made from the oldest inventory available.
d)
The charging of costs to cost unitsw.
9.
Lead time is the time.....
a)
.....between an order for goods being placed and the receipt of that order.
b)
.....the time i takes for issues to be recorded.
c)
....between stock being issued and the paperwork being completed.
d)
.....for an investment project to recover the cash cost of the original investment.
10.
Economic order quantity is remembered using what?
a)
Plaice and chips please
b)
Sausage and chips twice
c)
Ham, egg and chips
d)
Cod and chips twice
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