
Understanding Cost Accounting Principles
Quiz
•
English
•
12th Grade
•
Medium
Vongphet BOUASAWAN
Used 1+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is the main objective of industry regarding pricing?
To set prices based on competitor pricing only.
To eliminate all competition in the market.
To maximize profits while remaining competitive.
To reduce production costs at all costs.
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is the purpose of cost accounting?
To calculate taxes for external reporting
To determine the market price of products
The purpose of cost accounting is to provide detailed cost information for internal management to aid in decision-making and cost control.
To assess employee performance and productivity
3.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which method is used for job order cost accounting?
Job order costing method
Standard costing method
Activity-based costing method
Process costing method
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What are the two main components of direct costs?
Fixed costs and variable costs
Indirect materials and indirect labor
Direct materials and direct labor
Overhead costs and administrative expenses
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
How are direct labor and materials costs determined?
Direct labor costs are based on hours worked and wages; materials costs are based on quantity used and unit cost.
Materials costs are determined solely by supplier contracts.
Direct labor costs are calculated based on the total production output.
Direct labor costs are fixed and do not vary with hours worked.
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What types of records are kept to analyze costs?
Customer feedback forms
Marketing strategies
Sales reports
Expense reports, invoices, purchase orders, payroll records, financial statements.
7.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is overhead in the context of manufacturing?
Overhead refers to the raw materials used in production.
Overhead is the indirect costs associated with manufacturing that are not directly tied to production.
Overhead includes the salaries of all production workers.
Overhead is the total revenue generated from manufacturing.
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