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. What is this formula used to calculate: Actual qty (std price – actual price)?
2 / 50
B. What is this formula used to calculate: Std price (std qty – actual qty)?
3 / 50
C. Management accounting is specifically a ________ function.
4 / 50
D. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
5 / 50
E. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
6 / 50
F. __________ is a prediction of what will happen as a result of a given set of circumstances
7 / 50
G. The point at which neither profit nor loss is made is known as the ________
8 / 50
H. ……….. ….is an additional stock held by an organization over and above the minimum stock
9 / 50
I. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
10 / 50
J. How is interest cover calculated?
11 / 50
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.
12 / 50
L. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
13 / 50
M. The following are part of the scope of cost accounting except ________
14 / 50
N. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
15 / 50
O. _________ variable costs are those variable costs which are directly related to the production or sales level
16 / 50
P. Expenses which are not capable of direct allocation are _________
17 / 50
Q. Current ratio is calculated as _____
18 / 50
R. _______ are the costs which do not vary with changing output
19 / 50
S. Items of expenses which are capable of being charged directly to the products manufactured are _________
20 / 50
T. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
21 / 50
U. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
22 / 50
V. The three elements of cost are material, labour and ________
23 / 50
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
24 / 50
X. _______ indicates what percentage of sales is generated as operating profit
25 / 50
Y. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
26 / 50
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
27 / 50
AA. Accounting ratio serves as a means of________ financial information.
28 / 50
AB. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale
29 / 50
AC. Working capital is computed as _____________
30 / 50
AD. The aim of __________ is to reduce inventory levels and its attendant costs.
31 / 50
AE. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
32 / 50
AF. The following are some of the decisions based on costing except _________
33 / 50
AG. _________ variable costs are those variable costs which are directly related to the production or sales level
34 / 50
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
35 / 50
AI. Discretionary fixed cost is also known as managed or _________ cost
36 / 50
AJ. ________ are those expenses/expenditures that are actually paid by the firm
37 / 50
AK. The following are examples of variable cost except ______
38 / 50
AL. ________ is the measurement of the cost and value of people for the organization
39 / 50
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.
40 / 50
AN. _______ variable costs are those variable costs which are directly related to the production or sales level
41 / 50
AO. _________= Re-order level (Average usage X Average delivery period)
42 / 50
AP. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
43 / 50
AQ. The following are examples of fixed cost except _______
44 / 50
AR. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
45 / 50
AS. _______ indicates what percentage of sales is generated as operating profit
46 / 50
AT. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
47 / 50
AU. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
48 / 50
AV. _______ is a system where income is measured by the value added by a firm in a particular period
49 / 50
AW. ________ is the midway between the minimum stock level and the maximum stock level.
50 / 50
AX. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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