INTRODUCTION TO COST ACCOUNTING

Quiz
•
Business
•
1st Grade
•
Hard
CIKGU AINY AZIS
Used 130+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The main object of cost accounting is:
to record day-to-day transactions of the business
to reveal managerial efficiency
to ascertain true cost of products and services
to determine tender price
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Financial Accounting is concerned with the:
recording of business expenses and revenues
recording of the cost of products and services
recording of day-to-day business transactions
none of the above
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The nature of financial accounting is:
historical
forward-looking
analytical
social
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A total of all the direct costs is known as
cost of production
Cost of sales
prime cost
Works cost
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which definition best describes indirect costs?
Indirect costs are those costs which are not controlled directly by a manager
Indirect costs are those costs which cannot be directly associated with a product or service.
Indirect costs are always fixed.
Indirect costs are always manufacturing overhead costs
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Prime costs are comprised of
materials costs plus direct labour costs
materials costs plus production overheads
direct labour costs plus production overheads
production overheads plus materials costs plus direct labour costs
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following terms is used to denote the response of a cost to the change in business activity?
Cost behavior
Cost trend
Cost response
Cost accumulation
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