Cost Concept, Analysis, and Classification MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on November 16, 2021

This multiple choice question (MCQs) test contains 14 questions. You need to choose the correct answer from 4 or 5 responses to move onto the next question.

If you read our article on cost accounting, this will help you to prepare for your exams, clarify the main concepts, and toget ready to appear in interviews.

1. Which cost system description applies to the manufacturing of 20 engraved doors for a new clubhouse at a golf course?

2. An important feature of a cost center is that:

3. Prime cost is:

4. Which of the following is a cost behavior-oriented approach to production costing?

5. In a process costing system, the unit cost is computed for a:

6. The cost of goods sold under a periodic cost accumulation system is equal to the:

7. The cost of goods manufactured under a periodic cost accumulation system is equal to the:

8. For external financial statements, inventories must be reported at:

9. The term "conversion costs" refers to:

10. The term "prime costs" refers to:

11. The term "variable costs" refers to:

12. The term "cost" refers to:

13. The term "sunk costs" refers to:

14. The process of charging factory overhead to work-in-process based on a predetermined application rate multiplied by actual input is known as:


True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

1 thought on “Cost Concept, Analysis, and Classification MCQs”

Leave a Comment

PHP Code Snippets Powered By :