1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
3. Allowed Materials: Only use materials that are explicitly allowed. Unauthorized
materials can lead to disqualification.
4. ANS Format: Follow the required format for your ANS. For example, multiple-
choice questions might need you to select the best ANS, while essay questions
require detailed responses.
5. Academic Integrity: Adhere to the university's honor code. Any form of cheating or
plagiarism is strictly prohibited.
6. Technical Requirements: Ensure your computer and internet connection are
stable. For online exams, you might need a webcam and microphone for proctoring
purposes.
7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
,1. Which of the following methods focuses on segregating fixed
and variable costs using past data?
- A) Marginal costing
- B) Standard costing
- C) High-low method
- D) Process costing
Correct ANS: C) High-low method
Rationale: The high-low method analyzes fixed and variable
costs by using the highest and lowest activity levels from past
data.
2. Which of the following cost behaviors involve costs that
remain constant over a relevant range of output?
- A) Mixed costs
- B) Variable costs
- C) Semi-variable costs
- D) Fixed costs
, Rationale: Fixed costs remain constant within a relevant range
of production or sales volume.
3. What is the impact of borrowing costs on asset valuation
under IAS 23?
- A) They are expensed when incurred.
- B) They are capitalized as part of the cost of the asset.
- C) They are treated as deferred expenses.
- D) They are noted as contingent liabilities.
Correct ANS: B) They are capitalized as part of the cost of the
asset.
Rationale: IAS 23 requires borrowing costs directly attributable
to the acquisition, construction, or production of a qualifying asset
to be capitalized.
, Correct ANS: B) It enhances cost control by focusing on
activities.
Rationale: ABC assigns costs based on activities and utilizes
cost drivers that improve the precision of cost control.
5. Under which costing system are costs accumulated for each
job, reflecting the costs of materials, labor, and overhead?
- A) Process costing
- B) Activity-based costing
- C) Job order costing
- D) Absorption costing
Correct ANS: C) Job order costing
Rationale: Job order costing systems accumulate and assign
costs to individual jobs, which are distinct and customizable.
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