Introduction to Cost Accounting MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on July 22, 2022

To help students prepare for exams and interviews, this quiz contains multiple choice questions (MCQs) on an Introduction to Cost Accounting.

This quiz consists of 9 MCQs with 4 answers for each question. Students need to choose the correct answer to move onto the next question.

If you find it difficult to answer the questions, it is advised that you read about cost accountancy from our cost and management accounting section.

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Frequently Asked Questions

What is Cost Accounting?

Cost Accounting is the process of tracking, recording, and analyzing the costs associated with a particular business activity or enterprise. Cost Accounting enables businesses to make informed decisions about where to allocate their resources to maximize profits.

What are the basic components of Cost Accounting?

Cost Accounting can provide businesses with a variety of benefits, including improved decision-making ability, enhanced strategic planning, more accurate pricing of products and services, improved understanding of financial performance, and identification of inefficiencies and areas for cost reduction.

What are the basic components of Cost Accounting?

What are the basic components of Cost Accounting?

Who benefits from Cost Accounting?

Cost Accounting can benefit a variety of stakeholders within a business, including owners, managers, and employees.

How does Cost Accounting help businesses make money?

By tracking and analyzing the costs associated with their business activities, businesses can make more informed decisions about where to allocate their resources in order to maximize profits.

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®), a member of the Society for Advancing Business Editing and Writing, 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, or check out his speaker profile on the CFA Institute website.

9 thoughts on "Introduction to Cost Accounting MCQs"

    1. We’re glad you were able to practice using our quizzes. Repetition is a successful technique, for sure. Good luck!

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    1. Glad you found the material helpful. Let us know what other kinds of information you’d like to see and we’ll try to add it in the future. Best of luck!

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