Cost Concepts & Classification Quiz

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Costs, sheets, and classifications

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Clement .

India

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Cost Concepts & Classification Quiz


Cost Concepts & Classification QuizOnline version Costs, sheets, and classifications by Clement . 1 What is a cost sheet? Choose one or more answers a A document listing all costs incurred to determine total cost b A bill paid to suppliers c A budget for next year d A summary of sales revenue 2 Which is a prime cost? a Direct material plus direct labour b Factory overhead c Administrative costs d Selling expenses 3 What is the formula for total cost? a Total cost = Direct Material + Direct Labour + Direct Expenses b Total cost = Revenue + Profit c Total cost = Direct cost + Indirect cost d Total cost = Sunk cost + Opportunity cost 4 Fixed cost varies with output. True or False? a Sometimes b False c True d Only in the short run 5 Variable cost varies with output. True or False? a Never b False c Only in the long run d True 6 What is a sunk cost? a A controllable cost b A cost already incurred and unrecoverable c A cost of capital d Future expected cost 7 Opportunity cost refers to? a Actual cash cost b Value of the next best alternative sacrificed c Actual market price d Sunk cost 8 Direct material is a component of which cost? a Overheads b Selling cost c Prime cost d Period cost 9 Direct labour is part of which cost? a Prime cost b Period cost c Sales cost d Overheads e feedback: Direct labour is part of prime cost. 10 Factory overhead is an example of which cost? a Indirect cost b Variable cost c Fixed cost only d Direct cost 11 What is conversion cost? a Direct material plus overhead b Variable cost plus fixed cost c Prime cost plus selling cost d Direct labour plus factory overhead 12 Cost sheet helps in? a Auditing profits b Computing total cost of production c Preparing the cash flow statement d Identifying financial position of a firm 13 What is controllable cost? a A cost that can be influenced by the manager b A cost always fixed c A non-existent cost d A sunk cost 14 Which of the following is an uncontrollable cost? a Wages of temporary staff b Raw material purchases c Depreciation expense d Power consumption 15 Marginal cost is the cost of? a Total fixed cost b Producing one more unit c Average cost d All units produced 16 In cost classification, period costs are? a Costs expensed in the period b Only fixed costs c All variable costs d Costs added to inventory 17 Absorption costing includes which? a Only variable overhead b Fixed and variable overhead in product cost c Selling expenses only d Only direct materials 18 What is the Indian concept of cost accounting standard (CAS) mainly about? a Tax payment rules b Guidelines for cost computation and assignment c Currency exchange rates d Retail pricing rules 19 What is an opportunity cost example? a Choosing college over a job earnings foregone b Interest received on savings c Electric bill d Rent paid for factory 20 Which costs are often capitalized? a Interest costs only b Period costs c Direct materials and labour with overhead d Selling expenses 21 What defines cost object? a A currency unit b Anything for which a cost is measured c A factory building only d A type of tax rule 22 What is controllable vs uncontrollable cost distinction used for? a Inventory valuation only b Legal compliance c Decision-making and control d Tax filing 23 Budgetary control uses which cost concept? a Forecasted costs vs actual costs b Irrelevant costs c Sunk costs d Only fixed costs 24 Which item is a period cost? a Direct labour b Advertising expense c Factory overhead d Direct material 25 What is standard costing? a Pre-determined cost estimates for materials and labour b Historical costs without standards c Ignore overhead d Actual costs only 26 Which of the following is a fixed cost? a Power usage based on production b Wages paid per unit c Rent of factory building d Direct materials 27 What is an indirect cost? a Cost not traceable to a single product b Wages of production worker c Direct material for product d Direct depreciation of plant machinery 28 CAS 2 deals with... a Classification of Cost b Capacity Determination c Materials d Overheads 29 Securities Premium paid falls under a Factory Overheads b Office and Administration Overheads c Not shown in cost sheet d Selling and Distribution Overheads 30 Where is Carriage outwards shown in the cost sheet? a Selling and Distribution Overheads b Direct Materials c Factory Overheads d Cost of Production Feedback 1 Explanation: It aggregates costs to determine total cost. 2 Explanation: Prime costs exclude overhead. 3 Explanation: Includes fixed and variable components. 4 Explanation: Fixed costs do not vary with output. 5 Explanation: They depend on activity level. 6 Explanation: Not reversible by any decision. 7 Explanation: Foregone alternative's value. 8 Explanation: Materials directly traceable to product. 9 Explanation: Labour directly traceable to product. 10 Explanation: Not directly traceable to product. 11 Explanation: Labour and overhead for conversion. 12 Explanation: Primary use is cost computation. 13 Explanation: Managers can influence these. 14 Explanation: Usually not controllable in the short term. 15 Explanation: Incremental cost of one extra unit. 16 Explanation: Not capitalized as inventory. 17 Explanation: Both fixed and variable overhead absorbed. 18 Explanation: Standard costing principles in India. 19 Explanation: What you give up to choose another option. 20 Explanation: Included in product cost and asset value. 21 Explanation: It is the thing costing is assigned to. 22 Explanation: Helps in performance evaluation. 23 Explanation: Essential for variance analysis. 24 Explanation: Not inventoried as part of product. 25 Explanation: Enables variance analysis. 26 Explanation: Consistent with output range. 27 Explanation: Allocated across products.

Cost Concepts & Classification Quiz

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Cost Concepts & Classification QuizOnline version

by Clement .

What is a cost sheet?

Which is a prime cost?

What is the formula for total cost?

Fixed cost varies with output. True or False?

Variable cost varies with output. True or False?

What is a sunk cost?

Opportunity cost refers to?

Direct material is a component of which cost?

Direct labour is part of which cost?

Factory overhead is an example of which cost?

What is conversion cost?

Cost sheet helps in?

What is controllable cost?

Which of the following is an uncontrollable cost?

Marginal cost is the cost of?

In cost classification, period costs are?

Absorption costing includes which?

What is the Indian concept of cost accounting standard (CAS) mainly about?

What is an opportunity cost example?

Which costs are often capitalized?

What defines cost object?

What is controllable vs uncontrollable cost distinction used for?

Budgetary control uses which cost concept?

Which item is a period cost?

What is standard costing?

Which of the following is a fixed cost?

What is an indirect cost?

CAS 2 deals with...

Securities Premium paid falls under

Where is Carriage outwards shown in the cost sheet?