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Classifications of cost Multiple choice questions (MCQs)
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ABOUT THIS QUIZ:
- Chapter: Classifications of cost
- Quiz Type: Multiple choice questions (MCQs)
- Number of MCQs: 22
- Total Points: 22
- Approximate Time Required: 10 – 15 minutes
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Question 1 of 22
1. Question
A cost that is easily traceable to a cost object is known as:
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Question 2 of 22
2. Question
A cost that is not easily or conveniently traceable to a cost object is known as:
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Question 3 of 22
3. Question
Which of the following terms is used to denote the response of a cost to the change in business activity?
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Question 4 of 22
4. Question
A cost that changes in total dollar amount with the change in the level of activity is known as:
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Question 5 of 22
5. Question
A cost that does not change, in total, with the change in activity is called:
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Question 6 of 22
6. Question
Mixed cost is also known as:
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Question 7 of 22
7. Question
According to cost formula Y = $20,000 + $4X, total cost at an activity level of 15,000 units would be:
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Question 8 of 22
8. Question
Which of the following costs is not a product cost?
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Question 9 of 22
9. Question
Which of the following costs is not a period cost?
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Question 10 of 22
10. Question
The costs incurred to acquire or manufacture a product is known as:
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Question 11 of 22
11. Question
Prime cost = ?
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Question 12 of 22
12. Question
Conversion cost = ?
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Question 13 of 22
13. Question
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Question 14 of 22
14. Question
The cost of alternative ‘A’ is $25,000 and the cost of alternative ‘B’ is $20,000. In managerial accounting, the difference of $5,000 in costs of two alternatives would be termed as:
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Question 15 of 22
15. Question
Which of the following costs is treated as indirect labor?
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Question 16 of 22
16. Question
The term quality cost refers to:
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Question 17 of 22
17. Question
The costs that are incurred to avoid defects at first place are known as:
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Question 18 of 22
18. Question
Which of the following costs is an example of external failure cost?
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Question 19 of 22
19. Question
The benefit forgone when one alternative is selected rather than another is known as:
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Question 20 of 22
20. Question
The Washington Company incurred $50,000 to ship 22,000 liters and $42,000 to ship 18,000 liters. If the company ships 20,000 liters, its expected shipping expense would be closest to:
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Question 21 of 22
21. Question
Which of the following terms is correct for a cost that has already been incurred and cannot be changed by any decision?
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Question 22 of 22
22. Question
Within the relevant range:
Very good questions! Thank you!
warranty repairs are internal failure
very easy question. thank you
Thank you so much for MQs