Cost Accounting quick practice

Question 1 of 10

Opening stock 100 units at GH¢5; purchases 200 units at GH¢6; 150 units issued. The cost of issues under the weighted average method is

Question 2 of 10

The maximum stock level is the level that

Question 3 of 10

Opportunity cost in costing refers to

Question 4 of 10

A product sells for GH¢20 and has a variable cost of GH¢12 per unit. Its contribution/sales ratio is

Question 5 of 10

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

Question 6 of 10

Sales 5,000 units at GH¢20; variable cost GH¢12/unit; fixed costs GH¢25,000. Profit is

Question 7 of 10

Prime cost is the total of

Question 8 of 10

Process costing is used in industries where

Question 9 of 10

In process costing, a loss expected under normal conditions is

Question 10 of 10

A costing method suitable for a builder constructing a road is