5 Written questions
5 Matching questions
- Work in process
- Indirect manufacturing costs
- weighted-average process costing
- Cost structure
- a product in the production process but not yet complete
- b proportion of an organization's fixed and variable costs to its total costs
- c all product costs except direct costs.
- d inventory method that for product costing purposes combines costs and equivalent units of a period with the costs and the equivalent units in the beginning inventory.
- e a cost charged against revenue in an accounting period.
5 Multiple choice questions
- form providing standard quantities of inputs used to produce a unit of output and the standard prices for the inputs.
- provides customers an intangible product. While retail and wholesale companies sell but do not make intangible products, also they have additional information which is cost of goods sold.
- costs required to manage the organization and provide staff support, including executive salaries, costs of data processing and legal costs
- costs that are unchanged as volume changes within the relevant range of activity
- outlay costs and opportunity costs
5 True/False questions
Margin of safety → the excess of projected or actual sales over the break even volume
Special order → order that will not affect other sales and is usually a short run occurrences
Variable costs → only variable manufacturing costs are product costs, others are period costs
Process costing → accounting system used when identical units are produced through a series of uniform production steps
Margin of safety percentage → costs required to manage the organization and provide staff support, including executive salaries, costs of data processing and legal costs