Quiz on Costing Techniques and Methods

What is Job Costing primarily used for?

• Calculating costs for individual projects

• Determining fixed costs

• Evaluating overall company expenses

• Assessing variable costs

Which of the following is NOT a method of costing?

• Service Costing

• Batch Costing

• Contract Costing

• Transport Costing

What does Process Costing focus on?

• Single output production

• Multiple projects

• Fixed cost analysis

• Continuous production processes

Which costing method is used for multiple products produced in batches?

• Job Costing

• Batch Costing

• Process Costing

• Contract Costing

What is the primary focus of Transport Costing?

• Calculating transportation expenses

• Assessing fixed costs

• Determining production costs

• Evaluating service costs

What type of costing is used for long-term projects?

• Process Costing

• Contract Costing

• Batch Costing

• Job Costing

Which of the following is a component of Running expenses?

• Variable costs

• Fixed costs

• Indirect costs

• Direct costs

What is the main purpose of Costing Techniques?

• To evaluate market trends

• To determine the cost of production

• To assess employee performance

• To analyze financial statements