This Cost Accounting test covers most of the major areas of costing including Process Costing and Standard Costing. This assessment covers the cost accounting subject matter of which candidates with as little as 6 months experience should be aware. More advanced level topics are included to determine those candidates with more experience as well as those who are pursuing a professional qualification in Managerial Accounting. Specific topics covered include, but are not limited to; product costing, general costs, manufacturing costs and break even points. Tests for Advanced Accounting, Corporate Tax Accounting, and Partnership Tax Accounting are also available. Total Questions 43 Question Types Multiple Choice Competencies Tested MiscellaneousProduct CostingGeneral CostsManufacturing CostsCost DefinitionsProduct and Manufacturing CostsCost Calculations Tasks Tested Job Costing and Information TechnologyFIFOCost TypeCost DriversIndirect Labor CostsParticular Costing MethodDirect Material and Conversion CostFixed Versus Variable CostsAdvantages of Standard CostingFIFO Versus Weighted Average Method of CostingRecording the Schedule of Goods ManufacturedVariable and Fixed Manufacturing CostsActivities as Fundamental Cost ObjectsIndirect CostCosts Versus BenefitsExamination of Specific Variable CostsInventoriable Product CostsBreak Even Sales FormulaBreak Even Point in UnitsInventoriable ProductTreatment of WagesSelling PricesEquivalent UnitsJob CostAccumulation of CostsExpansion CostsMargin of SafetyMethods of Costing ProductionCost of Goods SoldProduct CostingComputation of Cost Goods SoldRecording Manufacturing CostsComputing Direct Materials UsedTreatment of Materials InventoryComputing the Cost of GoodsConversion CostsPredetermined Manufacturing RatesComputation of Total Manufacturing Overhead CostBreak Even Point in SalesUnder-Allocated OverheadComponents of Product CostThroughput TimeComputation of Beginning Inventory
