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. _________ variable costs are those variable costs which are directly related to the production or sales level
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B. ___________ is a plan for a future period. It is expressed in monetary terms.
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C. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
4 / 50
D. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
5 / 50
E. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
6 / 50
F. The following are methods of valuing stock except _________
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G. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
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H. _______ are the costs which do not vary with changing output
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I. Accounting ratio serves as a means of________ financial information.
10 / 50
J. The four basic types of standard are __________
11 / 50
K. _______ of each organization affects rules and regulation of applying management accounting.
12 / 50
L. A department, plant or an item of equipment can make up a cost centre referred to as ________
13 / 50
M. The setting of pre-determined level of costs to be compared with actual gives room for basic tools to be employed in cost control. They are Standard costing and ________
14 / 50
N. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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O. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
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P. The following are some essentials of an ideal cost accounting system except ________
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Q. _________ 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
18 / 50
R. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
19 / 50
S. ________ is the measurement of the cost and value of people for the organization
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T. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
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U. The point at which neither profit nor loss is made is known as the ________
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V. Material variance is mainly classified into ________
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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
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X. ________ means expressing the plans, policies and goals of the firm for a definite period in future
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Y. Cost is an amount that is recorded as a/an ________in bookkeeping records.
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Z. _______ is the combination of fixed cost and Variable Costs
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AA. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
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AB. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
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AC. The following are examples of fixed cost except _______
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AD. The costs that can be easily identified with a department, process or product are termed as ______
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AE. _______ indicates what percentage of sales is generated as operating profit
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AF. _______ = Maximum usage X maximum delivery period
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AG. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
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AH. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
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AI. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
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AJ. _______ 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.
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AK. __________ are the costs which do not vary with changing output
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AL. __________ is the process and techniques of ascertaining cost.
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AM. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
40 / 50
AN. __________ are those which are engaged sometimes on productive and other times on service works
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AO. ___________ are used to ascertain the long-term financial performance of a company
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AP. __________ indicates the number of times fixed dividend is covered by profit.
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AQ. _________ ratio are used to determine the ability of a firm to meet its current obligations.
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AR. Cost accounting assists with management functioning while management accounting is concerned with management_________
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AS. ________ 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.
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AT. _______ 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.
47 / 50
AU. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
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AV. ___________ are used to ascertain the long-term financial performance of a company
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AW. The following are some of the decisions based on costing except _________
50 / 50
AX. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
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