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WorksheetsS3 Job Costing
Total questions: 14
Worksheet time: 7mins
What is the main purpose of Job Costing?
To calculate the total sales of a company
To calculate the cost of an individual job or task and the selling price to charge the customer
To track the performance of employees
To manage the company's stock inventory
What does "VAT" stand for in accounting terms?
Variable Accounting Technique
Value Added Tax
Verified Annual Turnover
Volume Allocation Total
What is a "Profit Markup"?
The value of profit the business wishes to make from the individual job/task
The value of loss the business expects to make from the individual job/task
The value of sales the business wishes to make from the individual job/task
The number of sales a business must make to breakeven
What types of jobs may require a Job Costing Statement? There are 3 correct answers!
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A bespoke wedding cake
Painting the exterior of a house
Mechanic work done on a car
Which of the following is an example of Job Costing?
Calculating the cost of manufacturing a car.
Calculating the cost of a monthly utility bill.
Quote for a fitted kitchen/landscaping job.
Calculating the cost of producing a movie.
What is given to customers as an approximate charge for the workforce required to complete a job?
Material costs
Overheads
Labour
Selling and distribution overheads
How are overheads applied to each job?
Based on a fixed percentage
Using pre-determined overhead absorption rates
Equally divided among all jobs
Based on the duration of the job
What is the total cost of Direct Materials for JOB 835?
£1,300.00
£200.00
£2000.00
£1,600.00
How much is the PROFIT (10% mark-up) on JOB 835, if the total costs equalled £3500.00?
£350.00
£3,500.00
£770.00
£400.00
What is the SELLING PRICE for JOB 835, if:
Total Costs = £50
Profit Markup = £10
VAT= £3
£60
£57
£63
£603
What is "Profit Markup" calculated as?
A) A fixed amount added to the cost of the job
B) A percentage of the cost of the job
C) A percentage of the sales price
D) A fixed percentage regardless of the job cost
What is added to the price charged to the customer to account for the tax that the producer needs to pay to the government after the sale?
A) Income Tax
B) Corporate Tax
C) VAT
D) Service Tax
What is the VAT percentage in the UK currently?
10%
15%
20%
25%
