Cost Accounting quick practice

Question 1 of 10

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

Question 2 of 10

In periods of rising prices, FIFO gives a closing inventory value that is

Question 3 of 10

A worker earns GH₵ 15 per hour and works 40 hours. Find the gross wage.

Question 4 of 10

Maximum usage 50 units/day, maximum lead time 10 days. The re-order level is

Question 5 of 10

Charging overheads to cost centres on a fair basis is

Question 6 of 10

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

Question 7 of 10

Indirect costs that cannot be traced to a specific product are

Question 8 of 10

Canteen costs are best apportioned on the basis of

Question 9 of 10

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

Question 10 of 10

A unit of product or service for which costs are collected is a