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WorksheetsCost Accounting 1
Total questions: 16
Worksheet time: 8mins
Which one of the following is least likely to be an objective of cost accounting system?
Product Costing and Inventory Valuation
Sales Commission Determination
Department Efficiency
Income Determination
It is sacrificed resource to achieve a specific objective
Losses
Cost
Expenses
Expenses
It is expired costs with producing any revenue benefit.
Cost
Losses
Expenses
Income
It is a cost that expires without producing any revenue benefit.
Cost
Income
Expenses
Losses
Material that is not become part of a product&can't be conveniently traced to specific product
Expenses
Raw Material
Indirect Materials
Direct Material
Which of the following items is not included in factory overhead?
Factory depreciation and supplies
Costs of Marketing departments
Costs of Maintenance departments
Costs of service departments
Financial accounting:
focuses on the future and includes activities such as preparing next year's operating budget
must comply with GAAP (generally accepted accounting principles)
reports include detailed information on the various operating segments of the business such as
product lines or departments
is prepared for the use of department heads and other employees
Financial accounting provides the primary source of information for:
decision making in the finishing department
improving customer service
preparing the income statement for shareholders
planning next year's operating budget
Costs that remain the same in total regardless of changes in the activity level.
Variable Cost
Fixed Cost
Relevant Cost
Sunk Cost
Are costs that vary in total directly and proportionately with changes in the activity level.
Fixed Cost
Variable Cost
Mixed Cost
Irrelevant Cost
Cost that cannot be changed by any present and future decision, therefore irrelevant cost.
Variable Cost
Fixed Cost
Sunk Cost
Relevant Cost
Direct Materials + Direct Labor
Prime Cost
Conversion Cost
Manufacturing Cost
Work in Process
Prime Cost + Conversion Cost
Manufacturing Cost
Conversion Cost
Prime Cost
None of the answer
Direct labor + Factory Overhead
Conversion Cost
Prime Cost
Manufacturing Cost
None of the answer
Also known as Non-Manufacturing Cost
Product Cost
Period Cost
Inventoriable Cost
Manufacturing Cost
Also known as Non-Manufacturing Cost
Product Cost
Period Cost
Inventoriable Cost
Manufacturing Cost
