Cost Sheet and Cost Accounting Quiz
Material, Labour and Expenses are the three important…………. of cost.
A. Methods
B. Elements
C. Techniques
D. Process
A. Methods
B. Elements
C. Techniques
D. Process
a) Fuel
b) Insurance
c) Wear and tear fees
d) Maintenance
A) it involves higher ordering costs than the fixed quantity inventory system.
B) additional inventory records are required.
C) the average inventory level is decreased.
D) since there is no count of inventory during the review period, a stockout is possible.
E) orders usually are for larger quantities.
Which one of the following is an example of a period cost Options A) A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer B) Workers’ compensation insurance on factory workers’ wages allocated to the factory C) A box cost associated with computers … Read more
Which of the following would most likely be a period cost? Options A) Depreciation on factory lunchroom furniture B) Computer chips used by a computer manufacturer C) Salary of telephone receptionist in the sales office D) Salary of a security guard for the factory parking lot [bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”Show Answer” collapse_text=”Hide Answer” … Read more
Which of the following is an example of a period cost for a manufacturing company? Options A) Depreciation on factory equipment B) Wages of salespersons C) Wages of machine operators D) Insurance on factory equipment [bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”Show Answer” collapse_text=”Hide Answer” ] A) Depreciation on factory equipment [/bg_collapse]
Which of the following is considered a period cost in absorption costing? Options A) variable manufacturing overhead costs B) fixed manufacturing overhead costs C) fixed selling and administrative costs D) semi-variable manufacturing overhead costs [bg_collapse view=”button-orange” color=”#4a4949″ expand_text=”Show Answer” collapse_text=”Hide Answer” ] C) fixed selling and administrative costs [/bg_collapse]
A) The direct labor costs assigned to the job.
B) The name of the customer.
C) The costs incurred by the marketing department in selling the job.
D) The overhead costs assigned to the job.
E) The direct materials costs assigned to the job.
d. asset’s cost less accumulated depreciation.
A) Cost of Goods Sold.
B) Manufacturing Overhead Control.
C) Finished Goods.
D) Work in Process.
A) provide information about the investing and financing activities during a period.
B) prove that revenues exceed expenses if there is a net income.
C) provide information about the cash receipts and cash payments during a period.
D) facilitate banking relationships.