Testování: Test/quiz: Costing methods

1/10
There are a number of different costing methods. Nevertheless, all of them must always contain (i.e. the product must include) all the costs incurred by the entity. Is this assertion correct?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

yes no

2/10
Absorption costing is costing method under which are to the product allocated

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

only direct material costs only total direct costs total direct costs and production overheads, exceptionally also non-production overheads

3/10
The following basis of apportionment can be used in absorption costing.

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

direct labor or machine hours direct material costs total direct costs it is possible to use any basis of apportionment, which makes sense

4/10
According to the cost object, costing methods can be classified into product/service costing, process costing, job costing, contract costing or batch costing. In which case is job costing appropriate?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

when separate and unique products manufactured (often irregurarly) when several identical products are manufactured in a single batch, where each batch is different when a mass of indistinguishable products are manufactured in several ongoing steps

5/10
How is called the costing method under which all costs are allocated to what drives them and the products are then costed based on how much of the factor they consume?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

Activity based costing (ABC) Contract costing Marginal (variable) costing Standard costing

6/10 Select the correct answers from the list.

Select the correct answers from the list.
Maximum possible % gain: 10%

Rank the methods according to the highest amount of costs that will be allocated to product (inventory):

7/10
If the inventory level decreases during the period under which costing method will the profit for the period be the highest?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

marginal costing throughput costing absorption costing ABC

8/10
In the joint production arise two products – one is main and the second so called by-product. What is the recommended costing method under economic theories?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

the revenues from selling the by-product shall be deducted from the common production costs and the difference is used to value the main product divide common production costs equally split common production costs by using selected allocation base all costs are attributed to the main product

9/10
Direct costs include

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

direct material costs only direct material costs, direct labor costs and direct expenses direct material costs, direct labor costs and production overheads

10/10
What is the name for costing method used to calculate product costs by deducting desired profit margin from market price of the product/service?

1 or more correct answers are possible; however, select only one answer.
Maximum possible % gain: 10%

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Standard test/quiz no. 544: Testování: Test/quiz: Costing methods

1/10 There are a number of different costing methods. Nevertheless, all of them must always contain (i.e. the product must include) all the costs incurred by the entity. Is this assertion correct?

2/10 Absorption costing is costing method under which are to the product allocated

3/10 The following basis of apportionment can be used in absorption costing.

4/10 According to the cost object, costing methods can be classified into product/service costing, process costing, job costing, contract costing or batch costing. In which case is job costing appropriate?

5/10 How is called the costing method under which all costs are allocated to what drives them and the products are then costed based on how much of the factor they consume?

6/10 Select the correct answers from the list.

7/10 If the inventory level decreases during the period under which costing method will the profit for the period be the highest?

8/10 In the joint production arise two products – one is main and the second so called by-product. What is the recommended costing method under economic theories?

9/10 Direct costs include

10/10 What is the name for costing method used to calculate product costs by deducting desired profit margin from market price of the product/service?

1/10
There are a number of different costing methods. Nevertheless, all of them must always contain (i.e. the product must include) all the costs incurred by the entity. Is this assertion correct?

2/10
Absorption costing is costing method under which are to the product allocated

3/10
The following basis of apportionment can be used in absorption costing.

4/10
According to the cost object, costing methods can be classified into product/service costing, process costing, job costing, contract costing or batch costing. In which case is job costing appropriate?

5/10
How is called the costing method under which all costs are allocated to what drives them and the products are then costed based on how much of the factor they consume?

7/10
If the inventory level decreases during the period under which costing method will the profit for the period be the highest?

8/10
In the joint production arise two products – one is main and the second so called by-product. What is the recommended costing method under economic theories?

9/10
Direct costs include

10/10
What is the name for costing method used to calculate product costs by deducting desired profit margin from market price of the product/service?