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WorksheetsECA QUIZ
Total questions: 14
Worksheet time: 8mins
What is the primary purpose of a cost sheet?
Monitoring employee performance
Tracking inventory turnover
Revealing total cost and cost per unit of goods produced
Analyzing market trends
Which interval is commonly used for preparing a cost sheet?
Hourly
Monthly
Yearly
Randomly
What information does a cost sheet disclose?
Customer preferences
Breakup of total cost into different elements
Employee salaries
Market competition analysis
What does Cost Accountancy encompass in a business context?
Product advertising techniques
Principles, conventions, techniques, and systems in business planning
Employee training programs
Market research strategies
Which objective is a key focus of Cost Accounting?
Boosting employee satisfaction
Determining market trends
Guiding business policy
Forecasting consumer behavior
Which statement accurately describes a characteristic of Financial Accounting?
Emphasizes cost control and reduction
Not compulsory for all companies
Provides detailed cost and profit figures for individual products
Focuses on uniform reporting
What is a distinctive feature of Cost Accounting compared to Financial Accounting?
Emphasizes uniform reporting
Shows figures of cost for individual products and processes
Compulsory for all companies
Conducted annually
2.Which category includes materials used in production but are not part of the finished product?
Direct Materials
Indirect Materials
Supplies
Component parts
How is Labour Cost defined
according to CAS-7?
Strictly limited to salary payments
Future budget for employee training
The sum of all considerations for services by employees
Payment made to external contractors
____ _______ – The main function of this department is to accurately record each worker’s
time of arrival and departure
(a)
Under Hasley-Wier Plan, what is the 30% which is paid extra to the worker?
Allowance
Bonus
Dearly Allowance
None of the above
Which category of overhead includes expenses related to manufacturing products or goods, such as rent of factory building and depreciation of machinery?
Administration Overhead
Selling overhead
Distribution Overhead
Production Overhead
What is the primary focus of Selling Overhead in overhead classification?
Administrative control
Increasing sales and creating demand
Direct expenses related to production
Distribution of finished goods
What is the basis of allocations for Air conditioners in an organisation?
Number of light points
Number of employees
Area Occupied
Both light points and area occupied
