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Cost Accounting Test Questions
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Cost Accounting Test Questions
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25 Questions

1. In …………………………., two piece rates are set for each job.
2. An item of cost that is direct for one business may be …………..for another business.
3. When actual loss is less than the estimated loss, the difference between the two is considered to be……………
4. Inventory turnover ratio = Cost of …………………..during the period ÷ Cost of average inventory held during the period. Cost Accounting Page 10
5. Average unit cost for each process is calculated by dividing the ………………..by…………………
6. ……………….is a summary of all function budgets in a Capsule form.
7. Material Costs of each job are determined from……………
8. Bin card is a record of ………….only.
9. Cost accounts deal partly with facts and figures and partly with………
10. ……………..includes financial and cost accounting, tax planning and tax accounting.
11. The principle types of inventories are raw materials and ,…………and finished goods
12. Variable costs change ……………………with change in output.
13. Printers use ………………costing.
14. For a work order, standard time and time taken are 20 hours and 15 hours respectively. Time rate being Rs. 2 per hour, total wages payable under Rowan Premium Plan will be……………….
15. When …………………….is used on the basis of budgeted overheads and the rate is applied to the actual base, the actual overhead expenses may be different from the charged overheads.
16. Inventory turnover ratio = Cost of inventory consumed during the period ÷ Cost of ……………………held during the period
17. First in first out method of valuing material issues is suitable in times of…………
18. An opportunity cost does not involve…………
19. An opportunity cost is …………………..
20. ………………does not form part of production.
21. Formula of calculation of wages under Halsey Premium System is……
22. ……………….is the value of a benefit where no actual cost is incurred.
23. Sunk costs are ………………. for decision-making
24. Stock Adjustment Account is debited with ……….and credited with ………..
25. ……………….. is used primarily for control of spare parts.

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