ACC206

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

B. Financial or accounting ratios can mainly be classified into four, they are___________

C. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense

D.  __________ is the process and techniques of ascertaining cost.

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

F. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service

G. The costs that can be easily identified with a department, process or product are termed as ______

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

I.  Discretionary fixed cost is also known as managed or _________ cost

J. _______ costs centers are those which are engaged sometimes on productive and other times on service works.

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

L. ______________ may be viewed as a cost reduction technique

M. Accounting ratio serves as a means of________ financial information.

N.  ___________ are used to ascertain the long-term financial performance of a company

O.  _______ is the cost of producing an extra unit

P. The following are examples of variable cost except _________

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

R. _________ 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

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

T. 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 ________

U.  _______ 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

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

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

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

Y. What is this formula used to calculate: Actual qty (std price – actual price)?

Z. Current ratio is calculated as _____

AA. 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

AB. ________ measures the extent to which fixed interest liabilities relate to the equity

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

AD. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….

AE. ___________ are expenses can be directly and wholly allocated to a particular product, job or service

AF. _________ ratio are used to determine the ability of a firm to meet its current obligations.

AG.  ________ are those expenses/expenditures that are actually paid by the firm

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

AI. The basic variances can be categorized under four major headings as ________

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

AK.  ________ is the level of inventory at which it becomes necessary to place order for new supply

AL.  _______ 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.

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

AN. The following are some essentials of an ideal cost accounting system except ________

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

AP.  _______ are costs which depend on the output produced

AQ. The following are examples of fixed cost except _______

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

AS. ............... is the term used to describe a management philosophy based on the continuous improvement of quality

AT. Material variance is mainly classified into ________

AU. __________ indicates the number of times fixed dividend is covered by profit.

AV.  Accounting ratio serves as a means of________ financial information.

AW. ________ measures the efficiency of the firm in utilization of capital employed to generate income.

AX. _________ is the monetary value that a company has spent in order to produce something.