Understanding Cost Accounting Principles

Understanding Cost Accounting Principles

12th Grade

15 Qs

quiz-placeholder

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Understanding Cost Accounting Principles

Understanding Cost Accounting Principles

Assessment

Quiz

English

12th Grade

Medium

Created by

Vongphet BOUASAWAN

Used 1+ times

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15 questions

Show all answers

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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