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WorksheetsIntroduction to Cost Accounting
Total questions: 15
Worksheet time: 13mins
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
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
What is/are the importance(s) of cost management?
To improve overall business profitability.
To explore opportunity through cost optimization.
To analyze and improve internal and external cost driver.
I think all answers are correct.
Loss is an (a) cost.
Distinguish between direct cost and indirect cost.
