Applied costing
Applied Costing Quiz
Test your knowledge of applied costing concepts with our engaging quiz! This quiz features 10 multiple-choice questions designed to assess your understanding of cost allocation, types of costs, and applied costing systems.
Key topics include:
- Cost allocation methods
- Fixed vs. variable costs
- Job order vs. process costing
What is the process of allocating costs to specific products or services called?
Cost Allocation
Cost Accounting
Cost Estimation
Cost Analysis
What type of cost does not change with an increase in production?
Fixed Costs
Variable Costs
Direct Costs
Indirect Costs
What are the two main types of applied costing systems?
Absorption and Activity-Based
Standard and Marginal
Fixed and Variable
Job and Process
What type of cost can be directly linked to a particular product?
Direct Costs
Indirect Costs
Fixed Costs
Variable Costs
How many elements make up the total cost for a product or service?
Three
Two
Four
Five
What type of costing system focuses on activities as the basis for assigning costs?
Activity-Based Costing
Job Order Costing
Process Costing
Absorption Costing
What type of cost is affected by changes in production levels?
Variable Costs
Fixed Costs
Direct Costs
Indirect Costs
What type of cost includes raw materials, labor, and overhead?
Total Costs
Prime Costs
Conversion Costs
Overhead Costs
What type of cost is incurred regardless of production volume?
Fixed Costs
Variable Costs
Direct Costs
Indirect Costs
What type of cost is associated with a specific job or order?
Job Order Costing
Process Costing
Activity-Based Costing
Absorption Costing
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