Cost Concept, Analysis and Classifications MCQs

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Cost Concept, analysis and classifications MCQs test consists of 14 questions, every question has 4 or 5 answers with one correct option. You need to choose the correct answer to move to the next MCQs. Multiple choice questions test for the Chapter Cost concepts, analysis and classifications will be helpful for the students to prepare their objective exams, clear their concepts and to get ready to appear in interviews.

Take the Costs Concept, analysis and classifications MCQs test below:

1. Which cost system description applies to the manufacture of 20 engraved doors for the new clubhouse at a golf course?

 
 
 
 

2. An important feature of a cost centre is that:

 
 
 
 

3. Prime cost may be correctly defined as:

 
 
 
 

4. Which of the following is a cost behavior-oriented approach to production costing?

 
 
 
 

5. In a process costing system, the unit cost is computed for a:

 
 
 
 

6. The cost of goods sold under a periodic cost accumulation system is equal to the:

 
 
 
 

7. The cost of goods manufactured, under a periodic cost accumulation system, is equal to the:

 
 
 
 

8. For external financial statement purpose, inventories must be reported at:

 
 
 
 

9. The term “Conversion costs” refers to:

 
 
 
 
 

10. The term “Prime COsts” refers to:

 
 
 
 
 

11. The term  “variable costs” refers to:

 
 
 
 
 

12. The term “Cost” refers to:

 
 
 
 
 

13. The term “Sunk Costs” refers to:

 
 
 
 
 

14. The process of charging factory overhead to work-in-process based on a predetermined application rate multiplied by actual input is known as:

 
 
 
 

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