Cost Accounting Knowledge Test

Candidates Assessed

19465+

Organisations Served

122+

iMocha’s cost accounting knowledge test enables recruiters and hiring managers to hire job-fit candidate within a short period & take unbiased hiring decision. Our test is useful for hiring Cost Accountant, Cost Accounting Manager, and Cost Analyst. This cost accounting knowledge test reduces time-to-hire by 45%.

About Cost Accounting Knowledge Test

Cost accounting is an accounting method in which recording, classifying, analyzing, summarizing, allocating, and evaluating various alternative courses of action for the control of costs takes place and also it aims to capture a company's cost of production by assessing the input costs of each step of production as well as fixed costs, such as depreciation of capital equipment. It assists management by providing analysis of cost behavior, cost-volume-profit relationships, operational and capital budgeting, and standard costing. Cost accountant assists management by providing analysis of cost behavior, cost-volume-profit relationships, operational and capital budgeting, standard costing, variance analyses of costs and revenues, transfer pricing, activity-based costing, and more. Cost accountant is a person who is responsible to maintain standard costing of each product which is used for various other material movements, variance preparation, and cost sheet. 

The cost accounting knowledge test enables employers and recruiters to identify potential prospects by evaluating working skills and job readiness. For this reason, the emphasis is laid upon evaluating the knowledge of applied skills gained through real work experience, rather than theoretical knowledge. The cost accounting test is created & validated by experienced Subject Matter Experts (SME) to evaluate cost accounting skills of candidates as per industry standards. Cost accounting knowledge test helps recruiters and hiring managers to assess & hire cost accountant better and faster.

Are you a jobseeker looking to sharpen your skills?

Test Summary

The Cost Accounting test helps to screen the candidates who possess below traits:

  • Ability to handle sensitive information in a confidential and responsible way
  • Knowledge of forecasting work in each quarter
  • Knowledge of Profit Centre Accounting
  • Knowledge of Budget, Product costing, and validation
  • Good knowledge of Microsoft Office

The cost accounts knowledge test ensures that the new hires will thee a right fit for the position. The process of hiring such candidates will be done through our screening tests which are automated and will provide you with detail analytical reports of each appeared candidate. Our score reports will help you to measure the accounting skills, critical thinking skills, and problem-solving skills by making your recruitment process easy with an efficient budget.

The cost accounting test may contain MCQs (Multiple Choice Questions), MAQs (Multiple Answer Questions), Fill in the Blanks, Whiteboard Questions, Audio/Video Questions, LogicBox (AI-based essay evaluation), Job-based Simulations, True or False Questions, etc.

The cost accounting test contains a combination of application and theory questions that help you to evaluate the application as well as the practical skills of candidates.

Test Duration: 30 minutes

No. of Questions: 30

Level of Expertise: Entry/Mid/Expert

Useful for hiring

  • Cost Accountant
  • Cost Accounting Manager
  • Cost Analyst

Topics Covered


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Job Costing

iMocha’s cost accounting test helps recruiters and hiring managers to assess candidate’s knowledge about job costing method which refers to minimize materials cost, labor cost, and overall project cost

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Cost Behavior

Our test evaluates candidate’s understanding about cost behavior analysis which indicates how operating cost changes in relation to a change in some activity

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Direct and Indirect Costs

This test assesses candidate’s understanding about direct cost which is also known as business expenses such as direct labor, direct materials, and manufacturing supplies cost and indirect costs are overhead expenses such as rent and utilities, salaries etc.

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Cost of Goods Manufactured

Our basic accounting knowledge test helps recruiters to evaluate candidate’s knowledge about goods manufacturing cost in total after production of specific goods

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Cost of Goods Sold

This test evaluates candidate’s understanding about cost of goods sold which is direct cost of producing the goods sold by a company

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Process Costing

Our test assesses candidate’s knowledge about process costing which is the tracking process which tracks number of units passing through the production process during a given period

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Cost Systems

This accounting knowledge test evaluates candidate’s understanding about costing system which estimates cost of a product

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Break-Even Analysis

Our test assesses candidate’s understanding about break-even point analysis, where total cost and total revenue are equal means of no loss or gain for a business

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CVP Analysis

This test helps recruiters to assess candidate’s understanding about Cost-Volume-Profit (CVP) analysis by which changes in variable and fixed costs that affect a business’s profit are analyzed

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Contribution Margin

This test evaluates candidate’s ability to calculate contribution margin which measures profitability of individual products

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Cost Allocation

Our accounts knowledge test helps employers to evaluate candidate’s proficiency in cost allocation for products

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Activity Based Costing

This test helps in assessment of candidate’s understanding about Activity Based Costing (ABC) method to allocate more precise overhead cost by assigning them to activities

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Pricing Decisions

Pricing decisions are the choices that businesses allocate pricing to the products or services

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Job Orders

iMocha’s cost accounting test evaluates candidate’s knowledge about job orders production which is process of manufacturing custom or unique products for a customer on requirement

Sample Questions

Choose from our 100,000+ question library or add your own questions to make powerful custom tests

Question types:

Multiple Option

Topic:

-

Difficulty:

Easy


Q 1. Put the following activity analysis steps in order:

I. Chart the activities used to complete the product or service
II. Continuously improve the efficiency of all value-added activities
III. Classify all activities as value-added or non-value-added
IV. Identify the process objectives defined by what the customer wants
IV, III, II, and I
IV, I, III, and II
I, IV, III, and II
IV, I, III, and II

Question types:

Multiple Option

Topic:

-

Difficulty:

Easy


Q 2. Which of the following statements regarding customer profitability is NOT correct?
Customers affect our profitability by their buying behavior.
Customers affect our profitability by their effect on our costs.
Information on customer profitability is important for managers, so they can make decisions that will improve firm performance.
Some customers take longer (sometimes much longer) to complete the transaction; the additional time those customers take adds cost to the company.

Sample Report

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Skill wise performance report by iMocha

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Trusted By

George Nichkov, Gett
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“When hiring Business Analysts, I had to assess the applicants on their logical reasoning & aptitude. However, assessing a large pool of candidates & acquiring unbiased results without any human hustle is difficult without an automated solution. With iMocha, I was able to filter more than 500 candidates within a short span of time.”

George Nichkov, Gett

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