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. Reciprocal method allocation






2. What is cost allocation?






3. Relevant costs for decision making?






4. Reciprocal allocation method






5. Byproduct






6. Supporting department (service department)






7. Separable costs






8. What is contribution margin?






9. Qualitative costs






10. Abnormal Spoilage






11. Main product






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






13. Approach two of Joint Costs






14. Rework






15. What is cost behavior?






16. What are sunk costs?






17. Direct method allocation

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18. What is process costing?






19. Operating department






20. Main product






21. Splitoff point






22. Why do we allocate costs?






23. When do we have a favorable price variance?






24. When to use special order?

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






26. Actual cost allocation






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






28. Joint cost






29. Dual rate method






30. Equivalent unit computation in process costing.






31. When do we use absorption costing?






32. Know the cost function






33. Single-rate method






34. What are historical costs?






35. Scrap






36. What is spoilage?






37. What is a decision model?






38. 4 overhead variances.






39. Step down method allocation






40. Approach one of Joint Costs






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






42. Joint product






43. What are relevant costs?






44. When do we use job order costing?






45. When do we use reciprocal allocation?






46. What is the value of feedback in decision-making?






47. Quantitative costs






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






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






50. Budgeted costs