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Cost Accounting Quizzes & Trivia

Have you ever been stuck on what to do, all because of how much something cost? By using cost accounting, one can collect and analyze financial data to determine the best course of action. This helps one find cost efficiency and helps in future planning. Can you name a few of the elements required to perform detailed cost accounting?
 
Most cost accounting involves raw materials, cost of labor, expenses, and overhead. Do you know the difference between cost accounting and financial accounting? Typically, financial accounting is usually for the “outside” world, while cost accounting is usually just for managers and financial officers of a company. Whether you’re studying to become an accountant or you just love learning about finances, our quizzes on cost accounting are sure to give you a challenge!
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Cost Accountant test.

Questions: 10  |  Attempts: 4813   |  Last updated: Mar 22, 2022
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    Which one of the following best describes direct labor?
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Questions: 61  |  Attempts: 1396   |  Last updated: Mar 22, 2022
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    The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a:
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Need some revision for the ACCT 302 on cost accounting? In recording financial transactions and concerning a business, there must be accounting processes involved, which include summarizing, analyzing, and reporting these...

Questions: 9  |  Attempts: 729   |  Last updated: Mar 21, 2022
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    Inventoriable costs are assigned to inventories under GAAP.
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Welcome to this ACCT 302: Test On Cost Accounting! Costs involved in performing any process, project, or product are noted and analyzed. Such analysis helps the management in taking strategic decisions thanks to Cost which you...

Questions: 9  |  Attempts: 801   |  Last updated: Mar 22, 2022
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    When 20,000 units are produced, fixed costs are $16 per unit. Therefore, when 16,000 units are produced, fixed costs will ________. 
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What we have here is an ACCT 302 quiz on cost accounting. For a business to generate income, it has to either sell goods or offer services, but this also means it has to use some money too by obtaining resources. See how well you...

Questions: 6  |  Attempts: 244   |  Last updated: Mar 18, 2022
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    A cost object is anything for which a cost measurement is desired. 
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