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WorksheetsAAT Level 2 Costing Chp1
Total questions: 10
Worksheet time: 5mins
Which ONE of the following is a characteristic of FINANCIAL ACCOUNTING?
Purpose is to provide info for managers
Based on future events
Purpose is to provide info for owners/investors
Timing/content of reports is decided by managers
Which ONE is a characteristic of MANAGEMENT ACCOUNTING?
Complies with company law and accounting
Based on past events
Provides info for people outside of the business
Based on future events
Which one of the following is used when classifying costs by NATURE?
Materials, Labour, Overheads
Direct, Indirect
Production, Admin, Selling & distribution, finance
Which one of the following is used when classifying costs by ELEMENT?
Materials, Labour, Overheads
Direct, Indirect
Production, Admin, Selling & distribution, finance
Which one of the following is used when classifying costs by FUNCTION?
Materials, Labour, Overheads
Direct, Indirect
Production, Admin, Selling & distribution, finance
What is a costing systems overall purpose?
To calculate employee wages and salaries
To design marketing campaigns and advertisement
To help with decision making, planning and control
To manage customer complaints and feedback
Who are the main users of Management accounting information?
Government agencies
Company managers and owners
External auditors
Shareholders only
Which of the following is a key feature of Financial Accounting?
It focuses on future planning
It is prepared for internal use
It's mainly used for decision-making
It follows legal and accounting standards
What would wood to make sheds be classified as?
Materials
Labour
Overheads
Fixed costs
What would factory Insurance be classified as?
Materials
Labour
Overheads
Fixed costs
