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Cost Classification and Codification Quiz

Authored by John Lawal

Financial Education

Professional Development

Cost Classification and Codification Quiz
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of cost accounting?

Managing investments

Preparing financial statements

Controlling operations or products

Conducting audits

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a basic element of cost?

Revenue

Expenses

Labour

Material

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are costs that can be directly identified with a specific cost unit called?

Indirect costs

Variable costs

Direct costs

Fixed costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a direct material cost?

Factory rent

Wages of factory supervisors

Raw materials

Utilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the aggregate of direct costs, direct labour, and direct expenses called?

Variable cost

Prime cost

Total cost

Fixed cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of costs cannot be directly allocated to a specific cost unit?

Indirect costs

Variable costs

Fixed costs

Direct costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are costs that remain unchanged regardless of activity levels called?

Fixed costs

Variable costs

Direct costs

Indirect costs

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