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Cost Accounting Mcqs – MCQs

1069 questions. Click to practice.

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1.When a firm consumes more input than the planned amount for a given output level, the firm is considered to be __________?

2.If the real wage paid to workers exceeds the planned wage rate, what does this indicate?

3.What is the term for the procedure where earned revenue is assigned to a particular revenue object but cannot be tracked efficiently in a cost-effective manner?

4.Which of the following approaches are used to assign costs among reciprocal support departments?

5.In the incremental cost allocation approach, what is the term for the cost object user that holds the second position in the ranking sequence?

6.What is the name of the technique that distributes the expenses of support departments to both operating and other support departments?

7.Which cost allocation technique assigns support department expenses to operating departments by accounting for all mutual services exchanged among support departments?

8.In the incremental approach, the party assigned the highest priority in distributing shared costs is known as the ____________?

9.If Division A's employees work 8,000 hours at a rate of $90 per hour, what hourly rate should Division B be charged under the single rate method?

10.Which cost allocation approach used for support departments does not distinguish between fixed and variable costs?

11.What is the designated term for an item that requires a specific calculation of revenue?

12.Which approach assigns bundled revenue to individual products based on their specific characteristics used as weighting factors?

13.In the incremental revenue allocation approach, what is the designation for the product ranked third?

14.In the incremental cost allocation approach, what is the term for the cost object user ranked first?

15.In the incremental cost allocation approach, how is the cost object ranked third in the sequence categorized?

16.In the incremental revenue allocation approach, what term is used to describe the product ranked first?

17.Which approach separates support department expenses into fixed and variable cost categories?

18.Which types of weights can be used in the stand-alone revenue allocation approach?

19.What term describes the expenses that include both interdepartmental cost allocations and the costs of support departments?

20.What term describes the expense of running an activity, facility, or cost object that is typically shared by two or more users?