Cost Sheet Quiz

Which of the following is not typically included in a cost sheet?

• Factory overheads

• Administrative overheads

• Interest paid

• Distribution overheads

What is the purpose of a cost sheet?

• To determine the selling price of a product

• To analyze the profitability of a company

• To track the cost of production for a specific period or product

• To prepare the balance sheet

Which of the following is a direct cost?

• Factory rent

• Indirect materials

• Direct labor

• Depreciation of factory equipment

What is the formula for calculating Prime Cost?

• Direct Materials + Direct Labor + Factory Overhead

• Direct Materials + Direct Labor + Direct Expenses

• Direct Materials + Factory Overhead + Administrative Overhead

• Direct Labor + Factory Overhead + Selling and Distribution Overhead

What is the purpose of a cost center?

• To track revenue

• To track expenses and control costs

• To determine the selling price of a product

• To calculate profit

Which of the following is a feature of a cost sheet?

• It includes only fixed costs.

• It includes only variable costs.

• It includes both fixed and variable costs.

• It includes only direct costs.

Which of the following is an example of factory overhead?

• Direct materials

• Direct labor

• Rent of factory building

• Sales commission

Canteen expenses for factory workers are part of:

• Prime cost

• Factory overhead

• Administration Cost

• Total cost

Audit fees paid to auditors are part of:

• Administration Cost

• Production cost

• Selling & Distribution cost

• Not shown in the cost sheet.

The components of total factory cost are:

• Direct Material + Direct Labor

• Direct Labor + FOH

• Prime Cost only

• Prime Cost + FOH