WorksheetsCost Accounting
Total questions: 25
Worksheet time: 8mins
Which method is used in hospitals for determining cost?
Job costing
Unit costing
Operating costing
Process costing
Which of the following statements are correct.
a. Prime cost is the total of direct wages and variable overheads.
b. Abnormal cost is uncontrollable.
c. Contract costing method is used in ship building.
d. Cost accounting is a techinique of managerial control.
All statements are correct
Statements A , C & D are correct
Except statement 'C' is correct
Only statements 'C' & 'D' are correct
Choose the correct statements among the following;
a. Spoilage can be rectified
b. Defectives cannot be corrected
c. Scrap is always invisible
d. Waste is having small saleable value
Statements A & C are correct
None of the above
Statements B & D are correct
All of the above
Prime cost =
Indirect materials + Indirect labour + Indirect expenses
Total material + Total labour + Other expenses
Total cost + selling costs + distribution costs
Direct material + Direct labour + Direct expenses
Which of the following is specific order costing method
Job costing
Process costing
operating costing
target costing
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
Costs that remain the same in total regardless of changes in the activity level.
Variable Cost
Fixed Cost
Relevant Cost
Sunk Cost
Cost that cannot be changed by any present and future decision, therefore irrelevant cost.
Variable Cost
Fixed Cost
Sunk Cost
Relevant Cost
Direct labor + Factory Overhead
Conversion Cost
Prime Cost
Manufacturing Cost
None of the answer
Cost accounting includes
classifying, recording and appropriate allocation of expenditure for products
classifying, recording and appropriate allocation of expenditure for services
classifying, recording and appropriate allocation of expenditure for products and services
none of these
Process whereby cost items are charged direct to a cost unit or cost center is known as
Cost accounting
Cost allocation
Cost apportionment
Cost absorption
Which of the following is example of cost allocation
Electricity charges can be allocated to various departments if separate meters are installed
Salary of stores clerk can be allocated to stores department
Electricity charges on the basis of no. of light points or Area or Units of Sub-meter in each Department
none of these
General overhead is apportioned to departments on the basis of------
direct wages
number of employees
floor area
direct matterials
bad debts is an example of-------
factory OH
administration OH
selling OH
distribution OH
overhead means-----
the aggregate of indirect materials, indirect labour, and indirect expenses
all expenses with respect to materials
all expenses with respect to labour
all indirect expenses
standing charges are also known as-----expenses
variable
semi-variable
fixed
semi-fixed
Cost accounting mainly helps the management in
Earning profit
Fixing prices of the products
Providing information to management
Providing Financial Position
all the above
cost accounting is helpful for...
preparation of quotations
preparation of p & l account
preparation of balance sheet
preparation of trial balance
1. Cost accounting provides all of the following information except
Cost of goods sold
Product cost
Inventory values
Cash forecasts
is cost accounting is an expensive
yes
no
not sure
not confirm
