Test your basic knowledge |

Cost Accounting

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Why would we use Just-in-time production system? Just-in-time (JIT) production (also called lean production)






2. What are sunk costs?






3. Supporting department (service department)






4. Why do we allocate costs?






5. Reciprocal allocation






6. Know the cost function






7. Reciprocal allocation method






8. Relevant costs for decision making?






9. Rework






10. Physical-Measure Method (Physical Units)...






11. What is variable costing?






12. What is cost behavior?






13. How do we account for abnormal spoilage?






14. Operating department






15. Separable costs






16. When do we use absorption costing?






17. What are historical costs?






18. Step down method allocation






19. What is a decision model?






20. Qualitative costs






21. When to use special order?

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22. Normal Spoilage






23. What is cost allocation?






24. Quantitative costs






25. Equivalent unit computation in process costing.






26. What is variance?






27. Main product






28. Fixed costs in relation to flexible budget?






29. Reciprocal method allocation






30. Actual cost allocation






31. Abnormal Spoilage






32. Approach two of Joint Costs






33. Budgeted costs






34. When do we have a favorable price variance?






35. What are relevant costs?






36. When do we use job order costing?






37. Joint cost






38. What is spoilage?






39. When do we use reciprocal allocation?






40. Purpose of a budget?






41. Intermediate products (Separable products at the split off point)






42. Net realizable value (NRV) method...






43. What is contribution margin?






44. Joint product






45. 4 overhead variances.






46. Scrap






47. Single-rate method






48. Dual rate method






49. Approach one of Joint Costs






50. how do we account for normal spoilage?