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WorksheetsCost Accounting
Total questions: 12
Worksheet time: 5mins
Name
Class
Date
1.
Is it a norm to use code of ethics in Cost Accounting?
a)
yes
b)
no
2.
Extra payment reuired to be paid for overtime work is called as overtime
a)
Premium
b)
Payment
c)
Salary
d)
Wages
3.
Under Halsey Plan, the bonus is paid at a fixed percentage of time saved is
a)
40%
b)
20%
c)
30%
d)
50%
4.
Direct costs are those which
a)
can be accurately traced to a product
b)
are significant in the production process
c)
are incurred in a specific period
d)
include only purchase of materials
5.
An example of variable cost would be
a)
depreciation of factory machinery
b)
shop rent
c)
sales staff commission
d)
factory manager's salary
6.
Product costs would not include
a)
materials used in making a hand-bag
b)
sales staff salaries
c)
wages of a worker installing solar water-heaters
d)
overheads assigned to the manufacture of computer components
7.
Any object for which costs or measures are assigned
a)
cost object
b)
period object
c)
product object
d)
standard cost
8.
Any cost that cannot be traced back to a product
a)
standard cost
b)
indirect cost
c)
direct cost
d)
period cost
9.
Cost Accounting is...
a)
the recording of all the costs incurred in a business
b)
the recording of all the expenses incurred in a business
c)
the recording of all the direct costs incurred in a business
d)
the recording of all the revenue incurred in a business
10.
Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Equity
11.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
a)
Assets
b)
Liabilities
c)
Debt
d)
Owner Equity
12.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of These
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