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. _______ 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.
2 / 50
B. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
3 / 50
C. _________ 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
4 / 50
D. __________ is a measure of the relationship between the current assets and current liabilities.
5 / 50
E. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
6 / 50
F. ……….. ….is an additional stock held by an organization over and above the minimum stock
7 / 50
G. The three elements of cost are material, labour and _______
8 / 50
H. _________ variable costs are those variable costs which are directly related to the production or sales level
9 / 50
I. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
10 / 50
J. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
11 / 50
K. __________ indicates the number of times fixed dividend is covered by profit.
12 / 50
L. The following are part of the scope of cost accounting except ________
13 / 50
M. ________ 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.
14 / 50
N. The two professional accountancy bodies in Nigeria are ……….. and …………….
15 / 50
O. _________= Re-order level (Average usage X Average delivery period)
16 / 50
P. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
17 / 50
Q. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
18 / 50
R. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
19 / 50
S. The basic variances can be categorized under four major headings as ________
20 / 50
T. Cost accounting assists with management functioning while management accounting is concerned with management_________
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U. __________ are those which are engaged sometimes on productive and other times on service works
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V. Cost is an amount that is recorded as a/an ________in bookkeeping records.
23 / 50
W. The following are examples of fixed cost except _______
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X. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
25 / 50
Y. 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 ________
26 / 50
Z. Material variance is mainly classified into ________
27 / 50
AA. __________ indicates the number of times fixed dividend is covered by profit.
28 / 50
AB. The following are some of the decisions based on costing except _________
29 / 50
AC. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
30 / 50
AD. Which ratio is calculated as shareholders’ funds/tangible assets?
31 / 50
AE. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
32 / 50
AF. _______ 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.
33 / 50
AG. The aim of __________ is to reduce inventory levels and its attendant costs.
34 / 50
AH. _________ variable costs are those variable costs which are directly related to the production or sales level
35 / 50
AI. _______ = Maximum usage X maximum delivery period
36 / 50
AJ. __________.represent an old established standard designed principally to satisfy a given objective
37 / 50
AK. _______ = Maximum usage X maximum delivery period
38 / 50
AL. _______ 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
39 / 50
AM. _______ variable costs are those variable costs which are directly related to the production or sales level
40 / 50
AN. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
41 / 50
AO. ________ measures the extent to which fixed interest liabilities relate to the equity
42 / 50
AP. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
43 / 50
AQ. How is interest cover calculated?
44 / 50
AR. The following are some essentials of an ideal cost accounting system except ________
45 / 50
AS. ________ is the level of inventory where it becomes necessary to place order for new supply
46 / 50
AT. ________ 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.
47 / 50
AU. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
48 / 50
AV. The three elements of cost are material, labour and ________
49 / 50
AW. ____ is the monetary outlay for producing a certain good
50 / 50
AX. 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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