ACC206

A. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________

B. Material variance is mainly classified into ________

C. ...………is the process of assigning overhead costs to products or services produced

D. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.

E. The following are some of the decisions based on costing except _________

F. In financial accounting we follow norms and rules but in ________  there is no need for them

G. …………are those costs which depend on or vary according to the output produced

H. _______ variable costs are those variable costs which are directly related to the production or sales level

I. The three elements of cost are material, labour and ________

J.  _______ is the combination of fixed cost and Variable Costs

K. The following are examples of fixed cost except _______

L. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure

M. The aim of __________ is to reduce inventory levels and its attendant costs.

N. The point at which neither profit nor loss is made is known as the ________

O.  ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.

P. Items of expenses which are capable of being charged directly to the products manufactured are _________

Q. The following are part of the scope of cost accounting except ________

R. Gearing ratio is calculated as follows_________

S. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale

T.  ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity

U. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product

V. _______ = Maximum usage X maximum delivery period

W. Management is able to know deviations in performance through ________

X.  _______ 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.

Y. ______________ may be viewed as a cost reduction technique

Z. _________= Re-order level (Average usage X Average delivery period)

AA.  ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

AB. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.

AC. ________ is the midway between the minimum stock level and the maximum stock level.

AD.  ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.

AE. ________ 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.

AF. Management accounting is specifically a ________ function.

AG. The following are examples of variable cost except ______

AH. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process

AI. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

AJ. Current ratio is calculated as _____

AK. _________ 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.

AL. __________ is a measure of the relationship between the current assets and current liabilities.

AM. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued

AN. A department, plant or an item of equipment can make up a cost centre referred to as ________

AO. The following are materials that can be referred to as stock except _______

AP. ________ is an expense which contains both a fixed-cost component and a variable-cost component

AQ. Basically the scope of cost accounting is divided into ………… major parts

AR. __________ is a measure of the relationship between the current assets and current liabilities.

AS. ________ is the measurement of the cost and value of people for the organization

AT. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

AU. _________ variable costs are those variable costs which are directly related to the production or sales level

AV. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity

AW. _________ 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

AX.  _______ are costs which depend on the output produced