ACC206

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

B. _________ 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

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

D. How is interest cover calculated?

E. The following are examples of fixed cost except _______

F. Current ratio is calculated as _____

G. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.

H. The two professional accountancy bodies in Nigeria are ……….. and …………….

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

J.  ______ deals with the application of double entry system of book keeping to socio-economic analysis at the preparation, estimation and interpretation of national and international balance sheet.

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

L.  ________ 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.

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

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

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

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

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

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

S. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)

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

U. Working capital is computed as _____________

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

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

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

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

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

AA. ……….. ….is an additional stock held by an organization over and above the minimum stock

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

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

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

AE.  _______ 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

AF.  _______ indicates what percentage of sales is generated as operating profit

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

AH. The following are classifications of overhead except _______

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

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

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

AL. CIMA defines __________  as a cost which can be influenced by the action of specified member of an undertaking

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

AN. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.

AO.  The following are methods of valuing stock except _________

AP.  _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.

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

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

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

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

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

AV.  ________ includes both the actual direct costs (accounting costs) plus the opportunity cost

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

AX. Stock / inventory turnover ratio is calculated as _________