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Cost Accounting Mcqs – MCQs

1069 questions. Click to practice.

Correct options are highlighted when revealed.

1.What term describes the budgeting approach that emphasizes estimating the costs of all activities required to create and sell products or services?

2.What is the name of the budget that remains accessible throughout a designated future timeframe?

3.Within the context of master budgeting, which factors are considered the cost drivers for manufacturing overhead expenses?

4.Which type of cost is affected by the actions of a responsibility center manager?

5.What term describes the extent of decision-making power granted to lower-level managers?

6.What term is used to describe decision making that is ineffective or flawed?

7.Which management style is characterized by the least amount of managerial freedom and the highest level of restrictions?

8.What is the term for the organizational approach where decision-making authority is delegated to lower-level managers?

9.What term describes the goods or services exchanged between various divisions within the same organization?

10.What term describes decision-making approaches within company subunits that are strongly interconnected?

11.What term describes the physical or mental energy applied to accomplish a specific objective?

12.Given an opportunity cost of $45 per barrel and an incremental cost of $65 per barrel, what is the lowest acceptable transfer price?

13.What term describes the scenario where teams and individuals collaborate effectively to accomplish a shared objective?

14.Which of the following approaches are commonly used to establish transfer prices?

15.When determining the transfer price, the per unit opportunity cost to the selling division is included with the incremental cost incurred at the transfer point to compute the ____________.

16.Which concept is characterized by managers having the greatest level of independence and facing the fewest restrictions?

17.What term describes the amount one division charges another for goods or services provided internally?

18.What is the term for the methods used to gather and utilize information to guide decision-making and planning within an organization?

19.What is the term for the pricing approach that employs two distinct methods to determine the transfer price of products between different divisions?

20.What term describes the drive to accomplish a specific objective along with the effort to reach it?