Cost Accounting Mock 2025

Question 1 of 50

The three elements of cost are

Question 2 of 50

A cost that can be traced directly to a product is a

Question 3 of 50

Cost accounting differs from financial accounting because it is mainly for

Question 4 of 50

The document used to request materials from the store for production is the

Question 5 of 50

A record kept by the storekeeper showing quantities received, issued and in hand is a

Question 6 of 50

The rate at which employees leave and have to be replaced is

Question 7 of 50

A card recording the time an employee arrives and leaves is a

Question 8 of 50

Rent is commonly apportioned between departments on the basis of

Question 9 of 50

A costing method suitable for a builder constructing a road is

Question 10 of 50

Costs that change in total with the level of output are

Question 11 of 50

A worker paid GH¢5 per hour works 40 hours. Gross pay is

Question 12 of 50

Paying workers according to the number of units produced is

Question 13 of 50

Contribution per unit is

Question 14 of 50

The rate at which workers leave an organisation and are replaced is

Question 15 of 50

Time for which workers are paid but no production takes place, for example due to a machine breakdown, is

Question 16 of 50

Factory rent is best apportioned to departments on the basis of

Question 17 of 50

Budgeted overheads are GH₵ 40,000 and budgeted machine hours are 8,000. Find the overhead absorption rate.

Question 18 of 50

Contribution is

Question 19 of 50

The costing method used by a building contractor for large, long-term projects is

Question 20 of 50

The costing method used where production passes through a series of continuous stages, as in oil refining, is

Question 21 of 50

A cost that stays the same in total but falls per unit as output rises is

Question 22 of 50

Maximum usage is 400 units a week and the maximum lead time is 5 weeks. What is the reorder level?

Question 23 of 50

Counting a few items in the store each day so that all items are checked over the year is

Question 24 of 50

A worker earns GH¢10 an hour for 40 hours and works 5 hours of overtime at time-and-a-half. What are the gross wages?

Question 25 of 50

Time paid for when workers cannot work because of machine breakdown is

Question 26 of 50

Charging a whole overhead item to the single cost centre that caused it is

Question 27 of 50

In process costing, a loss expected under normal conditions is

Question 28 of 50

A cost centre is

Question 29 of 50

A cost that has already been incurred and cannot be recovered is a

Question 30 of 50

The stock level at which a new order should be placed is the

Question 31 of 50

Labour turnover refers to

Question 32 of 50

Sharing overheads among cost centres on a fair basis is called

Question 33 of 50

Budgeted overheads GH¢40,000 and budgeted machine hours 8,000. The absorption rate is

Question 34 of 50

Rent is best apportioned among departments on the basis of

Question 35 of 50

Fixed costs GH¢12,000 and contribution per unit GH¢4. The break-even point is

Question 36 of 50

A worker produces 120 units at GH¢0.50 piece rate with a guaranteed minimum of GH¢50 per day. Daily pay is

Question 37 of 50

Overheads of GH¢18,000 are apportioned on floor area: A 300 m², B 200 m², C 100 m². Department B's share is

Question 38 of 50

Direct materials GH¢5,000, direct labour GH¢3,000, factory overheads GH¢2,000. Factory cost is

Question 39 of 50

A semi-variable cost is

Question 40 of 50

Opportunity cost is

Question 41 of 50

Using FIFO, issues are priced at

Question 42 of 50

A cost that varies with output but in steps (e.g. a supervisor for every 20 workers) is a

Question 43 of 50

Using the high-low method: at 1,000 units cost is GH¢7,000; at 1,500 units GH¢9,000. Variable cost per unit is

Question 44 of 50

Total cost is GH¢7,000 at 1,000 units and GH¢9,000 at 1,500 units. Using the high-low method, the fixed cost is

Question 45 of 50

Annual demand 4,000 units, order cost GH¢50, holding cost 20% of GH¢10 unit price. EOQ is

Question 46 of 50

Under absorption costing, if production exceeds sales, profit compared with marginal costing is

Question 47 of 50

A special order should be accepted (spare capacity) if the price exceeds

Question 48 of 50

Annual demand 2,000 units, ordering cost GH¢20 per order, holding cost GH¢2 per unit per year. EOQ is

Question 49 of 50

Reorder level = maximum usage ×

Question 50 of 50

Using LIFO, closing inventory is valued at