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. What is process costing?






2. Joint product






3. When do we use absorption costing?






4. Constant Gross-Marging Percentage NRV method...






5. Approach one of Joint Costs






6. Who are users of management accounting information?






7. Sales Value at splitoff method...






8. how do we account for normal spoilage?






9. How is Cost Volume Profit used?






10. When do we use job order costing?






11. Separable costs






12. Joint cost






13. When do we have a favorable price variance?






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






15. What is variance?






16. What are the steps in the decision-making model?






17. Step down method allocation






18. Abnormal Spoilage






19. Why would we use Just-in-time production system? Just-in-time (JIT) production (also called lean production)






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






21. Single-rate method






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






23. What are sunk costs?






24. Reciprocal allocation method






25. Main product






26. Budgeted costs






27. When to use special order?

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28. Relevant costs for decision making?






29. Reciprocal method allocation






30. Main product






31. Dual rate method






32. Approach two of Joint Costs






33. Fixed costs in relation to flexible budget?






34. End products (Separable products at the split off point)






35. How do we account for abnormal spoilage?






36. What is spoilage?






37. What is cost behavior?






38. Purpose of a budget?






39. What are relevant costs?






40. Actual cost allocation






41. Byproduct






42. Direct method allocation

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43. Operating department






44. Use of cost drivers in ABC system

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45. What is variable costing?






46. Why do we allocate costs?






47. What is cost allocation?






48. What is a decision model?






49. Quantitative costs






50. What is contribution margin?