ACC206

A. What is this formula used to calculate: Actual qty (std price – actual price)?

B. What is this formula used to calculate: Std price (std qty – actual qty)?

C. Management accounting is specifically a ________ function.

D. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________

E.  ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

F. __________ is a prediction of what will happen as a result of a given set of circumstances

G.  The point at which neither profit nor loss is made is known as the ________

H. ……….. ….is an additional stock held by an organization over and above the minimum stock

I. _______ costs centers are those which are engaged sometimes on productive and other times on service works.

J. How is interest cover calculated?

K.  ________ is cost of process which begins with the implementation of the decision to produce a new or improved product or employ a new or improved method and ends with the commencement of formal production of that product or by the method.

L. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product

M. The following are part of the scope of cost accounting except ________

N.  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.

O. _________ variable costs are those variable costs which are directly related to the production or sales level

P.  Expenses which are not capable of direct allocation are _________

Q. Current ratio is calculated as _____

R.  _______ are the costs which do not vary with changing output

S. Items of expenses which are capable of being charged directly to the products manufactured are _________

T. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.

U. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

V. The three elements of cost are material, labour and ________

W. The scope of ….....…..embraces activities of the entire company, from production to marketing and at all levels within the organization from the operative to top levels

X.  _______ indicates what percentage of sales is generated as operating profit

Y. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure

Z. _______ cost are costs which are a part of the cost of a product rather than an expense of the period in which they are incurred

AA.  Accounting ratio serves as a means of________ financial information.

AB. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale

AC. Working capital is computed as _____________

AD. The aim of __________ is to reduce inventory levels and its attendant costs.

AE. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______

AF. The following are some of the decisions based on costing except _________

AG. _________ variable costs are those variable costs which are directly related to the production or sales level

AH. _________ is the cost of formulating the policy, directing the organization and controlling the operations of an undertaking which is not related directly to a production, selling, distribution, research or development activity or function

AI. Discretionary fixed cost is also known as managed or _________ cost

AJ.  ________ are those expenses/expenditures that are actually paid by the firm

AK. The following are examples of variable cost except ______

AL. ________ is the measurement of the cost and value of people for the organization

AM.  ______ deals with the application of double entry system of book keeping to socio-economic analysis at the preparation, estimation and interpretation of national and international balance sheet.

AN. _______ variable costs are those variable costs which are directly related to the production or sales level

AO. _________= Re-order level (Average usage X Average delivery period)

AP. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

AQ. The following are examples of fixed cost except _______

AR. ............... is the term used to describe a management philosophy based on the continuous improvement of quality

AS.  _______ indicates what percentage of sales is generated as operating profit

AT.  A _____ cost is a predetermined calculation of how much costs should be under specific working conditions

AU. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense

AV.  _______ is a system where income is measured by the value added by a firm in a particular period

AW. ________ is the midway between the minimum stock level and the maximum stock level.

AX.  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.