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. _________ 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.
2 / 50
B. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
3 / 50
C. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
4 / 50
D. _______ 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
5 / 50
E. The following are some of the decisions based on costing except _________
6 / 50
F. The three elements of cost are material, labour and ________
7 / 50
G. Accounting ratio serves as a means of________ financial information.
8 / 50
H. The following are examples of fixed cost except _______
9 / 50
I. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
10 / 50
J. ...………is the process of assigning overhead costs to products or services produced
11 / 50
K. _______ are costs which depend on the output produced
12 / 50
L. _________ ratio are used to determine the ability of a firm to meet its current obligations.
13 / 50
M. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
14 / 50
N. _________ variable costs are those variable costs which are directly related to the production or sales level
15 / 50
O. How is interest cover calculated?
16 / 50
P. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
17 / 50
Q. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
18 / 50
R. __________.represent an old established standard designed principally to satisfy a given objective
19 / 50
S. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
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. __________ are those which are engaged sometimes on productive and other times on service works
22 / 50
V. The following are some essentials of an ideal cost accounting system except ________
23 / 50
W. __________ are the costs which do not vary with changing output
24 / 50
X. What is this formula used to calculate: Actual qty (std price – actual price)?
25 / 50
Y. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
26 / 50
Z. _______ are the costs which do not vary with changing output
27 / 50
AA. ________ 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.
28 / 50
AB. Management is able to know deviations in performance through ________
29 / 50
AC. ________ are those expenses/expenditures that are actually paid by the firm
30 / 50
AD. ____ is the monetary outlay for producing a certain good
31 / 50
AE. The following are advantages of cost accounting to government except __________
32 / 50
AF. Working capital is computed as _____________
33 / 50
AG. ........................ is the lowest level of stock that is established by management
34 / 50
AH. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
35 / 50
AI. Basically the scope of cost accounting is divided into ………… major parts
36 / 50
AJ. __________ is a measure of the relationship between the current assets and current liabilities.
37 / 50
AK. ________ is the midway between the minimum stock level and the maximum stock level.
38 / 50
AL. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
39 / 50
AM. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
40 / 50
AN. _________= Re-order level (Average usage X Average delivery period)
41 / 50
AO. _______ indicates what percentage of sales is generated as operating profit
42 / 50
AP. _______ is a system where income is measured by the value added by a firm in a particular period
43 / 50
AQ. ___________ are used to ascertain the long-term financial performance of a company
44 / 50
AR. The point at which neither profit nor loss is made is known as the ________
45 / 50
AS. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
46 / 50
AT. The aim of __________ is to reduce inventory levels and its attendant costs.
47 / 50
AU. Stock / inventory turnover ratio is calculated as _________
48 / 50
AV. _______ variable costs are those variable costs which are directly related to the production or sales level
49 / 50
AW. Gearing ratio is calculated as follows_________
50 / 50
AX. The basic variances can be categorized under four major headings as ________
Restart quiz
Rate this quiz
asu
