Cost Accounting Quizzes, Questions & Answers

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 Accounting Trivia Questions

Cost Accountant test.

Questions: 10 | Attempts: 6746 | Last updated: Sep 15, 2023

Sample Question
Which one of the following best describes direct labor?

A prime cost.

A period cost.

A product cost.

Both a product cost and a prime cost.

Cost Accounting Part 1

Quiz Description

Questions: 61 | Attempts: 1960 | Last updated: Mar 22, 2023

Sample Question
The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a:

Manufacturer.

Merchandiser.

Service business.

Not-for-profit service agency.

ACCT 302: Cost Accounting! A True And False Quiz!

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: 428 | Last updated: Mar 18, 2023

Sample Question
A cost object is anything for which a cost measurement is desired.

True

False

Cost Accounting Quiz Questions

Chapter 6-8, 17

Questions: 11 | Attempts: 1039 | Last updated: Mar 22, 2023

Sample Question
W

The variance is large in absolute or relative size.

The variance is small relative to the amount of spending involved.

The variance is small compared to the normal level of random fluctuation in the account.

The variance is common in occurrence.

Cost Concepts And Principles II

Basics of cost and cost concepts and principles

Questions: 10 | Attempts: 681 | Last updated: Mar 20, 2023

Sample Question
Which method of costing is best suited for interior decorator ?

A. job costing

B. contract costing

C. process costing

D. operating costing.

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ACCT 302: Cost Accounting! Trivia Questions

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: 842 | Last updated: Mar 21, 2023

Sample Question
Inventoriable costs are assigned to inventories under GAAP.

True

False

ACCT 302: A Quiz On Cost Accounting! Knowledge Test

ACCT 302: A Quiz on Cost Accounting! Knowledge Test

Are you practicing to sit for the ACCT cost accounting exam? The quiz below is perfect for seeing just how much you have studied and if it is enough to give you a peaceful night's sleep. How about you give it a shot and get...

Questions: 8 | Attempts: 341 | Last updated: Mar 21, 2023

Sample Question
Inventoriable costs and period costs flow through the income statement at a merchandising company similar to the way costs flow at a manufacturing company.

True

False

ACCT 302: A Trivia Test On Cost Accounting!

ACCT 302: A Trivia Test on Cost Accounting!

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: 868 | Last updated: Mar 22, 2023

Sample Question
When 20,000 units are produced, fixed costs are $16 per unit. Therefore, when 16,000 units are produced, fixed costs will ________.

Increase to $20 per unit

Remain at $16 per unit

Decrease to $10 per unit

Total $160,000

ACCT 302 : Cost Accounting Test! True And False Questions Quiz

ACCT 302 : Cost Accounting Test! True and False Questions Quiz

What we have here is a true and false ACCT 302: Cost Accounting Test! Cost accounting has a lot of variables that are in play all which are involved in the evaluation for the management to make informed decisions on cost and...

Questions: 8 | Attempts: 269 | Last updated: Mar 20, 2023

Sample Question
There is a cause-and-effect relationship between the cost driver and the amount of cost.

True

False

ACCT 302: A Cost Accounting Quiz!

With Cost Accounting having a lot of variables that are in play, that are all involved in the evaluation for the entities management to make informed decisions on cost and apportionment of each business unit, cost...

Questions: 9 | Attempts: 272 | Last updated: Mar 18, 2023

Sample Question
Because of a cost-benefit trade-off, some direct costs may be treated as indirect costs.

True

False

Cost Accounting Quizzes, Questions & Answers

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