Product Costing Basics Quiz

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Test your knowledge of product costing concepts.

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Renee Maegan Poblete

Philippines

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Product Costing Basics Quiz


Product Costing Basics QuizOnline version Test your knowledge of product costing concepts. by Renee Maegan Poblete 1 What is the primary purpose of cost accumulation in costing systems? a To store random business data b To showcase profits to shareholders c To set product selling prices automatically d To collect and group costs for decision making 2 Which costs are directly traceable to a product? a Indirect costs b Direct costs c Allocated costs d Period costs 3 Absorption costing includes which elements as product costs? a Period costs like marketing b Selling expenses c Only direct labor d Direct materials, direct labor, variable and fixed overhead 4 What does variable costing treat as product costs? a All costs including fixed overhead b Only fixed overhead c No costs; it treats as period costs d Only variable production costs 5 What is a cost driver in costing models? a A type of inventory b A factor that causes costs to change c A device used to measure money d An accounting standard 6 What does the term 'cost object' refer to? a A customer order b Any item to which costs are assigned (e.g., product, department) c A fixed asset d A financial statement line only 7 Which costing method is associated with the concept of 'per unit rate' per activity? a Activity-Based Costing (ABC) b Job costing c Standard costing d Throughput costing 8 Which costing approach spreads costs across products using an allocation base? a Depreciation method b Cash flow forecasting c Tax accounting d Cost allocation 9 What is the difference between fixed and variable costs? a There is no difference b Fixed costs vary with time; variable stay constant c Both vary with production but at different rates d Fixed costs stay constant; variable costs vary with activity 10 What is the main focus of cost accounting systems? a Replace financial accounting entirely b Maximize short-term profits at any cost c Eliminate all costs from production d Provide cost information for planning and control 11 What costing method assigns all manufacturing costs to the product, including fixed overhead? a Throughput costing b TDABC c Variable costing d Absorption costing 12 Which costing type treats only variable costs as product costs for decision making? a Throughput costing b Absorption costing c TDABC d Variable costing 13 Which method uses only direct material as product cost in some views of cost? a Throughput costing b Variable costing c Absorption costing d TDABC 14 What costing approach assigns costs by activities and cost drivers? a Activity Based Costing (ABC) b TDABC c Conversion costing d Prime Costing 15 Time driven ABC (TDABC) primarily uses what as a cost driver? a Direct labor hours b Cost center size c Time d Units produced 16 Which costing method is often used for decision making to avoid overproduction? a Absorption costing b Variable costing c Throughput costing d TDABC 17 What is the main focus of cost hierarchy in ABC? a Allocating costs by activities b Allocating costs by time c Allocating costs by products d Allocating costs by revenue 18 Which cost flow assumption means costs exit in order of purchase price? a FIFO b Specific Identification c WACC d LIFO 19 Which costing method emphasizes value chain analysis and time-driven processes? a Variable costing b FIFO c Absorption costing d TDABC 20 What term describes costs that are incurred but do not vary with activity level? a Fixed costs b Variable costs c Prime costs d Conversion costs

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Product Costing Basics Quiz

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About this activity

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Product Costing Basics QuizOnline version

by Renee Maegan Poblete

What is the primary purpose of cost accumulation in costing systems?

Which costs are directly traceable to a product?

Absorption costing includes which elements as product costs?

What does variable costing treat as product costs?

What is a cost driver in costing models?

What does the term 'cost object' refer to?

Which costing method is associated with the concept of 'per unit rate' per activity?

Which costing approach spreads costs across products using an allocation base?

What is the difference between fixed and variable costs?

What is the main focus of cost accounting systems?

What costing method assigns all manufacturing costs to the product, including fixed overhead?

Which costing type treats only variable costs as product costs for decision making?

Which method uses only direct material as product cost in some views of cost?

What costing approach assigns costs by activities and cost drivers?

Time driven ABC (TDABC) primarily uses what as a cost driver?

Which costing method is often used for decision making to avoid overproduction?

What is the main focus of cost hierarchy in ABC?

Which cost flow assumption means costs exit in order of purchase price?

Which costing method emphasizes value chain analysis and time-driven processes?

What term describes costs that are incurred but do not vary with activity level?