ATTENTION:
Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.
Good luck!
ACC206
1 / 50
A. The four basic types of standard are __________
2 / 50
B. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
3 / 50
C. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
4 / 50
D. ___________ is a plan for a future period. It is expressed in monetary terms.
5 / 50
E. CIMA refers to …..... as a location, person or item of equipment (or group of these) for which costs may be ascertained and used for the purpose of cost control
6 / 50
F. __________ is a measure of the relationship between the current assets and current liabilities.
7 / 50
G. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
8 / 50
H. Cost is an amount that is recorded as a/an ________in bookkeeping records.
9 / 50
I. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
10 / 50
J. Basically the scope of cost accounting is divided into ………… major parts
11 / 50
K. The costs that can be easily identified with a department, process or product are termed as ______
12 / 50
L. __________ is a prediction of what will happen as a result of a given set of circumstances
13 / 50
M. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
14 / 50
N. Avoidable cost can also be known as __________
15 / 50
O. _______ indicates what percentage of sales is generated as operating profit
16 / 50
P. ________ cost center is one which consists of a department, a plant or an item of equipment
17 / 50
Q. ________ is the cost of sequence of operations beginning with making the packed product available for dispatch and ending with making the reconditioned returned empty package, if any, available for reuse.
18 / 50
R. The point at which neither profit nor loss is made is known as the ________
19 / 50
S. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
20 / 50
T. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
21 / 50
U. __________.represent an old established standard designed principally to satisfy a given objective
22 / 50
V. ________ is the level of inventory at which it becomes necessary to place order for new supply
23 / 50
W. _______ 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
24 / 50
X. __________ is the process and techniques of ascertaining cost.
25 / 50
Y. _________= Re-order level (Average usage X Average delivery period)
26 / 50
Z. The following are materials that can be referred to as stock except _______
27 / 50
AA. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
28 / 50
AB. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
29 / 50
AC. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
30 / 50
AD. Management is able to know deviations in performance through ________
31 / 50
AE. The following are methods of valuing stock except __________
32 / 50
AF. _________ ratio are used to determine the ability of a firm to meet its current obligations.
33 / 50
AG. The two professional accountancy bodies in Nigeria are ……….. and …………….
34 / 50
AH. Which ratio is calculated as shareholders’ funds/tangible assets?
35 / 50
AI. _______ variable costs are those variable costs which are directly related to the production or sales level
36 / 50
AJ. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
37 / 50
AK. ........................ is the lowest level of stock that is established by management
38 / 50
AL. What is this formula used to calculate: Std price (std qty – actual qty)?
39 / 50
AM. ________ is the level of inventory where it becomes necessary to place order for new supply
40 / 50
AN. _________ ratio are used to determine the ability of a firm to meet its current obligations.
41 / 50
AO. ______ 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.
42 / 50
AP. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale
43 / 50
AQ. _________ 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
44 / 50
AR. _______ are costs which depend on the output produced
45 / 50
AS. ...………is the process of assigning overhead costs to products or services produced
46 / 50
AT. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
47 / 50
AU. _______ are costs of seeking new ideas, materials, methods of production and improved products and the development and design of such ideas so that they can be applied to formal production.
48 / 50
AV. The costs that can be easily identified with a department, process or product are termed as ________
49 / 50
AW. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
50 / 50
AX. The following are part of the scope of cost accounting except ________
Restart quiz
Rate this quiz
judi bola online
agen casino online
situs casino online
live casino online
link slot gacor
slot mahjong
judi bola
Angpao Imlek
mix parlay
coin303
Microgaming
Togel Online
COIN303
sbobet88
slot pg
Situs Slot
Bandar Toto
Mix Parlay
Slot Gacor
Judi Bola
link gacor
casino online
Judi Bola Online
Slot Online
KOIN303