Indirect Costs – NBC Institute

FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

Question

For your organisation which is engaged in the production of industrial blocks, bricks and construction, where would you classify the remuneration of a forklift truck operator and the cost of steel girders?

Answer

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Tags: Direct Costs, Indirect Costs, Manufacturing
Level: Level 1

Topic: Cost Classifications
Series: MAY 2014

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

Question

Assigning indirect costs to cost centres is known as:
A. Cost allocation
B. Sales tracing
C. Sales allocation
D. Cost tracing
E. Allotment

Answer

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Tags: Cost Allocation, Cost Centres, Indirect Costs
Level: Level 1

Topic: Cost Classifications
Series: MAY 2023

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

Question

A cost that is not easily or conveniently traceable to a cost object is known as:
A. Collective cost
B. Untraceable cost
C. Objective cost
D. Indirect cost
E. Direct cost

Answer

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Tags: Cost Classification, Cost Object, Indirect Costs
Level: Level 1

Topic: Introduction to Cost Accounting
Series: MAY 2023

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

Question

The amount of wages paid to some set of employees who are not directly engaged in the process of converting raw materials into finished product is called:

A. Labour cost
B. Direct wages cost
C. Variable cost
D. Indirect labour cost
E. Wages and salaries

Answer

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Tags: Indirect Costs, Labour Costs, Management Information, MCQ
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2019

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

Question

a) Costs may be classified in various ways according to their nature and the information needs of management.

Required:
Explain the following pairs of costs:
i) Direct and Indirect Costs (3 marks)
ii) Fixed and Variable Costs (3 marks)
iii) Controllable and Non-controllable Costs (3 marks)
iv) Production and Non-production Costs (3 marks)
v) Relevant and Irrelevant costs (3 marks)

b) QQQ Ltd has been reporting using an absorption costing technique. However, at a management retreat attended by the Cost and Management Accountant, they discussed the information usefulness of marginal costing reports for short-term decision making extensively.

Required:
Outline FIVE (5) advantages of a marginal costing system of reporting compared to absorption costing system for consideration by the management of QQQ Ltd. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Controllable Costs, Direct Costs, Fixed Costs, Indirect Costs, Irrelevant Costs, Non-controllable Costs, Non-production Costs, Production Costs, Relevant Costs, Variable Costs
Level: Level 1

Topic: Cost and Cost Behaviour, Marginal Costing and Absorption Costing
Series: NOV 2021

FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Costs, Indirect Costs, Manufacturing
Level: Level 1

Topic: Cost Classifications
Series: MAY 2014

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

Question

Assigning indirect costs to cost centres is known as:
A. Cost allocation
B. Sales tracing
C. Sales allocation
D. Cost tracing
E. Allotment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Allocation, Cost Centres, Indirect Costs
Level: Level 1

Topic: Cost Classifications
Series: MAY 2023

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

Question

A cost that is not easily or conveniently traceable to a cost object is known as:
A. Collective cost
B. Untraceable cost
C. Objective cost
D. Indirect cost
E. Direct cost

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Classification, Cost Object, Indirect Costs
Level: Level 1

Topic: Introduction to Cost Accounting
Series: MAY 2023

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

Question

The amount of wages paid to some set of employees who are not directly engaged in the process of converting raw materials into finished product is called:

A. Labour cost
B. Direct wages cost
C. Variable cost
D. Indirect labour cost
E. Wages and salaries

Answer

Find Related Questions by Tags, levels, etc.

Tags: Indirect Costs, Labour Costs, Management Information, MCQ
Level: Level 1

Topic: Accounting for Cost Elements
Series: NOV 2019

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

Question

a) Costs may be classified in various ways according to their nature and the information needs of management.

Required:
Outline FIVE (5) advantages of a marginal costing system of reporting compared to absorption costing system for consideration by the management of QQQ Ltd. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Controllable Costs, Direct Costs, Fixed Costs, Indirect Costs, Irrelevant Costs, Non-controllable Costs, Non-production Costs, Production Costs, Relevant Costs, Variable Costs
Level: Level 1

Topic: Cost and Cost Behaviour, Marginal Costing and Absorption Costing
Series: NOV 2021

Question Tag: Indirect Costs

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FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

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FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

You're reporting an error for "FA – May 2014 – L1 – SA – Q15 – Cost Classification"

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

You're reporting an error for "MI – May 2023 – L1 – SA – Q5 – Cost Classifications"

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

You're reporting an error for "MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting"

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements"

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

You're reporting an error for "IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing"

FA – May 2014 – L1 – SA – Q15 – Cost Classification

This question tests knowledge of classifying costs in a manufacturing context.

You're reporting an error for "FA – May 2014 – L1 – SA – Q15 – Cost Classification"

MI – May 2023 – L1 – SA – Q5 – Cost Classifications

This question asks for the term used to describe assigning indirect costs to cost centres.

You're reporting an error for "MI – May 2023 – L1 – SA – Q5 – Cost Classifications"

MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting

This question asks for the identification of a cost that cannot be easily or conveniently traced to a cost object.

You're reporting an error for "MI – May 2023 – L1 – SA – Q1 – Introduction to Cost Accounting"

MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements

This question asks to identify the term used for wages paid to employees not directly involved in production.

You're reporting an error for "MI – Nov 2019 – L1 – SA – Q8 – Accounting for Cost Elements"

IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing

Explanation of different cost classifications and advantages of marginal costing over absorption costing.

You're reporting an error for "IMAC – NOV 2021 – L1 – Q3 – Cost and Cost Behaviour | Marginal Costing and Absorption Costing"

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Customer

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