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
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A. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
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B. ___________ are used to ascertain the long-term financial performance of a company
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C. _________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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D. Discretionary fixed cost is also known as managed or _________ cost
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E. _______ 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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F. Cost control forms part of the ………….. of cost accounting
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G. __________ is the process and techniques of ascertaining cost.
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H. The following are methods of valuing stock except __________
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I. 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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J. _________ ratio are used to determine the ability of a firm to meet its current obligations.
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K. The following are materials that can be referred to as stock except _______
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L. ........................ is the lowest level of stock that is established by management
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M. How is interest cover calculated?
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N. ________ 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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O. The following are examples of fixed cost except _______
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P. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
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Q. _______ = Maximum usage X maximum delivery period
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R. ___________ is a plan for a future period. It is expressed in monetary terms.
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S. 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
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T. A department, plant or an item of equipment can make up a cost centre referred to as ________
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U. The following are some of the decisions based on costing except _________
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V. ________ is the midway between the minimum stock level and the maximum stock level.
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W. The following are some essentials of an ideal cost accounting system except ________
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X. ________ is the quantity of materials an organization will purchase at a time to enjoy economy of scale i.e. transport cost, bulk discount, ordering cost, holding cost, etc.
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Y. __________ indicates the number of times fixed dividend is covered by profit.
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Z. Cost accounting assists with management functioning while management accounting is concerned with management_________
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AA. ________ is 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.
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AB. _________= Re-order level (Average usage X Average delivery period)
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AC. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
30 / 50
AD. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
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AE. _________ accounting system does not consider the cost constant at every time because the prices of a commodity change with time due to inflation and decline in the purchasing power of money.
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AF. 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________
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AG. ________ is an expense which contains both a fixed-cost component and a variable-cost component
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AH. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
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AI. __________ are those which are engaged sometimes on productive and other times on service works
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AJ. ……….. ….is an additional stock held by an organization over and above the minimum stock
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AK. ____ is the monetary outlay for producing a certain good
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AL. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
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AM. The costs that can be easily identified with a department, process or product are termed as ______
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AN. _______ 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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AO. _______ are the costs which do not vary with changing output
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AP. The point at which neither profit nor loss is made is known as the ________
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AQ. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
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AR. _________ variable costs are those variable costs which are directly related to the production or sales level
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AS. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
46 / 50
AT. The following are materials that can be referred to as stock except _______
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AU. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
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AV. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
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AW. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
50 / 50
AX. Accounting ratio serves as a means of________ financial information.
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