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CMA Inter Cost Sheet — practice questions

Explore 14 free Cost Sheet questions in CMA Inter Cost and Management Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Cost Sheet questions and exercises with answers

Showing questions 1–14 of 14.

Build the cost sheet in orderRead the answer and worked solution →What makes up Prime Cost?Read the answer and worked solution →Complete the material consumed lineRead the answer and worked solution →Match the stage to its adjustmentRead the answer and worked solution →Prime cost is the total of which three elements?Read the answer and worked solution →Opening stock of material is 40,000, purchases are 2,10,000 and closing stock is 30,000. Material consumed isRead the answer and worked solution →Cost of goods sold is arrived at by adjusting cost of production forRead the answer and worked solution →Cost of production is 8,00,000, opening finished goods 60,000 and closing finished goods 90,000. Cost of goods sold isRead the answer and worked solution →Which of these is added to cost of goods sold to reach cost of sales?Read the answer and worked solution →Depreciation of the corporate office building is treated in the cost sheet asRead the answer and worked solution →Freight inward paid on purchase of raw material isRead the answer and worked solution →In the cost sheet, which total comes immediately after prime cost?Read the answer and worked solution →Build the cost sheet to prime costRead the answer and worked solution →From cost of production to cost of salesRead the answer and worked solution →

Worked practice questions

Build the cost sheet in order

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Steps
  1. Prime Cost
  2. Cost of Production
  3. Cost of Goods Sold
  4. Cost of Sales
Instructions
Tap the four cost stages in the order the cost sheet builds them.
_Source: ICAI CA Inter Cost and Management Accounting, Ch6 'Cost Sheet', 6.3.1 to 6.3.4_

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What makes up Prime Cost?

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Questions
  1. Items
    1. Text
      Direct material
      Matches the category
      Yes
    2. Text
      Direct labour
      Matches the category
      Yes
    3. Text
      Direct expenses
      Matches the category
      Yes
    4. Text
      Selling overhead
      Matches the category
      No
    5. Text
      Admin overhead
      Matches the category
      No
    Category
    Prime Cost
  2. Items
    1. Text
      Admin overhead
      Matches the category
      Yes
    2. Text
      Selling overhead
      Matches the category
      Yes
    3. Text
      Distribution cost
      Matches the category
      Yes
    4. Text
      Secondary packing
      Matches the category
      Yes
    5. Text
      Direct material
      Matches the category
      No
    6. Text
      Direct labour
      Matches the category
      No
    Category
    Added after COGS
Instructions
Tap only the elements that add up to Prime Cost.
_Source: ICAI CA Inter Cost and Management Accounting, Ch6 'Cost Sheet', 6.3.1_

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Complete the material consumed line

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Missing parts
  1. Answer
    Opening
    Choices
    1. Closing
    2. Opening
    3. Average
  2. Answer
    plus
    Choices
    1. plus
    2. minus
    3. times
  3. Answer
    minus
    Choices
    1. plus
    2. minus
    3. divided by
Complete the statement
Direct materials consumed = {0} stock of material {1} purchases {2} closing stock of material.
Instructions
Tap a word into each blank to finish the formula.
_Source: ICAI CA Inter Cost and Management Accounting, Ch6 'Cost Sheet', 6.3.1(i)_

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