Costing of Products and Services
Summary of the Costing of Products and Services test
This Costing of Products and Services test evaluates candidates’ ability to calculate the cost of goods sold, services rendered, and activities performed. This test will help you hire candidates who can accurately compute your business costs.
Covered skills
Costing systems and cost accumulation
Planning and controlling costs
Analyzing costs and profits
Budgeting and standardizing costing
Use the Costing of Products and Services test to hire
Cost analysts, cost estimators, pricing specialists, and any other roles requiring an intermediate knowledge of costing of goods and services.
About the Costing of Products and Services test
Business profits are inversely correlated with. Due to the impact of the costs of goods sold, services rendered, and activities performed on the bottom line of a business, costing is of significantly high importance across all business entities.
Costing not only results in determination of cost and profits, but it also plays a crucial role in various business decisions, including the final pricing of goods and services, and decisions related to in-house production versus outsourcing.
Hiring a costing expert will help your business make sense of financial data, including inventory and labor costs, to help you uncover inefficiencies and make your business even more profitable.
This test assesses candidates’ costing skills and their ability to accurately compute total and per unit cost of goods sold, services rendered, and activities performed. This test covers candidates’ knowledge of different costing systems and cost accumulation. It also examines candidates’ ability to plan and control costs, and to analyze costs and profits. Finally, this test evaluates candidates’ ability to budget and standardize costs.
This Costing of Products and Services test will help you hire candidates who possess the skills required to accurately cost your goods and services and help you make business decisions in line with improving your bottom line.
The test is made by a subject-matter expert
TestGorilla’s tests are created by subject matter experts. We assess potential subject-matter experts based on their knowledge, ability, and reputation.Before being published, each test is peer-reviewed by another expert, then calibrated using hundreds of test takers with relevant experience in the subject.
Our feedback mechanisms and unique algorithms allow our subject-matter experts to constantly improve their tests.
Abdul G.
Abdul is a chartered accountant and certified ISO 31000 risk manager with over 15 years of experience managing other accountants and staff in many businesses, large and small. Abdul also has an MBA with significant consulting experience across business sectors, including oil and gas, pharmaceuticals, food, and education.
He has worked as a university lecturer in accounting, finance, and tax-related subjects for more than five years and currently works on complex risk management policies as a senior risk management officer.
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The Costing of Products and Services test will be included in a PDF report along with the other tests from your assessment. You can easily download and share this report with colleagues and candidates.