WorksheetsCost Accounting Assessment - I
Total questions: 20
Worksheet time: 20mins
Name
Class
Date
1.
Which of the following is a direct material cost?
a)
Rent of the factory building
b)
Depreciation of plant and machinery
c)
Salary of factory supervisor
d)
Cost of raw materials used in production
2.
Identifying the different types of costs incurred by a business is known as:
a)
Cost reduction.
b)
Cost classification.
c)
Cost analysis.
d)
Cost control.
3.
In a cost sheet, which cost is calculated after adding factory overhead to direct costs?
a)
Cost of production
b)
Prime cost
c)
Cost of goods sold
d)
Total cost
4.
When preparing a tender, which of the following is usually added to the total cost to arrive at the quotation price?
a)
Profit margin
b)
Factory overhead
c)
Direct expenses
d)
Administrative overhead
5.
Which of the following items would typically cause a difference between the profit shown by cost accounts and financial accounts?
a)
Direct labor cost
b)
Factory overhead
c)
Income tax
d)
Direct material cost
6.
In unit costing, the total cost is divided by the number of units produced to determine the:
a)
Selling price per unit
b)
Factory cost per unit
c)
Cost of production per unit
d)
Prime cost per unit
7.
A company produced 10,000 units at a total cost of ₹2,00,000. The cost per unit is:
a)
₹10
b)
₹2,000
c)
₹200
d)
₹20
8.
Which costing method is most suitable for businesses that produce heterogeneous products or undertake specific projects?
a)
Process costing
b)
Operation costing
c)
Job costing
d)
Unit costing
9.
In job costing, costs are accumulated for:
a)
Each process of production
b)
Each specific job or order
c)
Each unit of output
d)
Each period of time
10.
When preparing a cost sheet, which of the following is the first element of cost to be recorded?
a)
Factory overhead
b)
Direct labor
c)
Direct expenses
d)
Direct materials
11.
Which of the following best describes the nature of cost accounting?
a)
It focuses on the flow of cash within the organization.
b)
It is a branch of accounting that deals with the classification, recording, and summarization of costs.
c)
It is primarily focused on legal compliance and tax reporting.
d)
It is concerned with the valuation of assets and liabilities for the balance sheet.
12.
Indirect costs are termed as ____________
a)
common costs
b)
overheads
c)
Both a and b
d)
None of these
13.
The process of grouping costs according to their common characteristics are termed as ______ of overheads.
a)
classification
b)
allocation
c)
abstption
d)
apportionment
14.
_______________ overheads are the expenses relating to the direction ,control and administration of an undertaking.
a)
Seling
b)
Administration
c)
Distribution
d)
Factory
15.
Three elements of overheads are ____________
a)
indirect materials
b)
indirect labour
c)
inndirect expenses
d)
all the above
16.
Telephone charges are the examples for ___________
a)
variable cost
b)
fixed cost
c)
semi-variable cost
d)
none of these
17.
Proper allocation and apportionment of overheads helps in
a)
ascertainment of cost
b)
fixation of seing price
c)
accurate forecasting
d)
a,b and c
18.
Charging the entire amount of overheads to the department or a cost centre is _________ of overheads.
a)
allocation
b)
apportionment
c)
absorbtion
d)
departmentalisation
19.
Basis of apportionment of canteen expenses are
a)
Direct wages
b)
sales
c)
No. of workers employed
d)
Material cost
20.
Which are the service departments ?
a)
Maintenance department and personel department
b)
Purchase department and store keeping department
c)
Internal transport and buiding service department
d)
All of these
100 %
