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






2. When do we use absorption costing?






3. Sales Value at splitoff method...






4. Why do we allocate costs?






5. Rework






6. What are historical costs?






7. Who are users of management accounting information?






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






9. Equivalent unit computation in process costing.






10. Quantitative costs






11. 4 overhead variances.






12. how do we account for normal spoilage?






13. What is cost allocation?






14. Use of cost drivers in ABC system

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15. Separable costs






16. Approach one of Joint Costs






17. What is variable costing?






18. How is Cost Volume Profit used?






19. Reciprocal allocation method






20. Budgeted costs






21. Single-rate method






22. What are relevant costs?






23. Know the cost function






24. What is variance?






25. Joint product






26. What are sunk costs?






27. Byproduct






28. Supporting department (service department)






29. Qualitative costs






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






31. Main product






32. What is cost behavior?






33. Step down method allocation






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






35. Main product






36. What is a decision model?






37. Fixed costs in relation to flexible budget?






38. When do we use job order costing?






39. Operating department






40. Abnormal Spoilage






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






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






43. Splitoff point






44. Normal Spoilage






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






46. What is spoilage?






47. Reciprocal method allocation






48. How do we account for abnormal spoilage?






49. Approach two of Joint Costs






50. When do we use reciprocal allocation?