WorksheetsBasic Costing
Total questions: 9
Worksheet time: 5mins
Name
Class
Date
1.
Formal financial statements are produced annually
a)
Financial Accounting
b)
Management Accounting
2.
Managers need useful information in order to make decisions, to plan and to control the company. Therefore, there are three main components to consider. Which of the following is not one of those options?
a)
Planning
b)
Organising
c)
Control
d)
Decision Making
3.
The information is historical
a)
Financial Accounting
b)
Management Accounting
4.
Budgeting and control are key features of this form of accounting
a)
Financial Accounting
b)
Management Accounting
5.
-------- ------are sections of a business to which costs can be charged Therefore, a ---- ---- can be any function or section of the organisation. In a manufacturing business it can be an entire factory, a department of a factory, or a particular stage in the production process.
a)
Cost centre
b)
Profit Centre
c)
investment Centre
6.
For some sections of a business, the cost centre approach of analysing costs is taken to a further level by also analysing sales income to centres. As sales income less costs equals profit, such centres are called ------ --------
a)
Investment centre
b)
Profit centre
7.
A variance calculation measures the difference to revenue and costs
a)
True
b)
False
8.
The piecework method to pay labour guarantees a set amount of wages
a)
True
b)
False
9.
Hesketh is a stationary business. Classify the following elements:Insurance of office computers
a)
Material
b)
Labour
c)
Overhead
100 %
