Cost accounting question bank

  • (iii) Multiple Costing is suitable for the banking Industry.

  • What are the interview questions for cost accounting?

    List of Interview Questions on Cost Accounting

    Define the term Costing ?What is meant by Cost Accounting ?How do you define the term Cost Accountancy ?State the three most important need for Cost Accounting ?What is the role of Cost Accounting in Price Determination ?What are the advantages of Cost Accounting?.

  • What are the questions for cost accounting interview?

    Role-specific interview questions
    How do you ensure accuracy and completeness in cost accounting records? Describe your experience with performing variance analysis for cost accounting.
    Can you walk me through your process for creating and managing cost estimates for a new product or service?.

What is cost allocation?

Cost allocation is:A) the process of tracking both direct and indirect costs associated with a cost objectB) the process of determining the actual cost of the cost objectC) the assignment of indirect costs to the chosen cost objectD) a function of cost tracingAnswer: CDiff: 2Terms: cost allocationObjective: 2AACSB: Reflective thinking

What is cost tracing?

Cost tracing is:A) the assignment of direct costs to the chosen cost objectB) a function of cost allocationC) the process of tracking both direct and indirect costs associated with a cost objectD) the process of determining the actual cost of the cost objectAnswer: ADiff: 2Terms: cost tracingObjective: 2AACSB: Reflective thinking

What is the difference between cost object 1 and cost object 3?

Answer:Cost object # 1 includes categories a, c, and f

Cost object # 2 includes categories b and g

Cost object # 3 includes categories d and e

Diff: 2Terms: cost objectObjective: 1AACSB: Analytical skills Objective 2

Which of the following does NOT affect the direct/indirect classification of a cost?


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