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. Discretionary fixed cost is also known as managed or _________ cost
2 / 50
B. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
3 / 50
C. ________ measures the extent to which fixed interest liabilities relate to the equity
4 / 50
D. _______ of each organization affects rules and regulation of applying management accounting.
5 / 50
E. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
6 / 50
F. _______ 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
7 / 50
G. The aim of __________ is to reduce inventory levels and its attendant costs.
8 / 50
H. How is interest cover calculated?
9 / 50
I. ……….. ….is an additional stock held by an organization over and above the minimum stock
10 / 50
J. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
11 / 50
K. _______ are the costs which do not vary with changing output
12 / 50
L. Working capital is computed as _____________
13 / 50
M. __________ is a measure of the relationship between the current assets and current liabilities.
14 / 50
N. Material variance is mainly classified into ________
15 / 50
O. The following are examples of variable cost except ______
16 / 50
P. _________ variable costs are those variable costs which are directly related to the production or sales level
17 / 50
Q. …………are those costs which depend on or vary according to the output produced
18 / 50
R. _______ indicates what percentage of sales is generated as operating profit
19 / 50
S. Accounting ratio serves as a means of________ financial information.
20 / 50
T. A department, plant or an item of equipment can make up a cost centre referred to as ________
21 / 50
U. _______ is the cost of producing an extra unit
22 / 50
V. The following are materials that can be referred to as stock except _______
23 / 50
W. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
24 / 50
X. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
25 / 50
Y. ________ 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.
26 / 50
Z. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
27 / 50
AA. ________ cost center is one which consists of a department, a plant or an item of equipment
28 / 50
AB. What is this formula used to calculate: Actual qty (std price – actual price)?
29 / 50
AC. __________ are the costs which do not vary with changing output
30 / 50
AD. _________ is the monetary value that a company has spent in order to produce something.
31 / 50
AE. Production overheads refer to __________.
32 / 50
AF. Accounting ratio serves as a means of________ financial information.
33 / 50
AG. Basically the scope of cost accounting is divided into ………… major parts
34 / 50
AH. Break-even point means ____________
35 / 50
AI. _________ 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
36 / 50
AJ. _________ 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
37 / 50
AK. The following are examples of fixed cost except _______
38 / 50
AL. __________ is a prediction of what will happen as a result of a given set of circumstances
39 / 50
AM. __________ is a measure of the relationship between the current assets and current liabilities.
40 / 50
AN. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
41 / 50
AO. _______ 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
42 / 50
AP. Gearing ratio is calculated as follows_________
43 / 50
AQ. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
44 / 50
AR. The point at which neither profit nor loss is made is known as the ________
45 / 50
AS. __________ indicates the number of times fixed dividend is covered by profit.
46 / 50
AT. Avoidable cost can also be known as __________
47 / 50
AU. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
48 / 50
AV. __________ are those which are engaged sometimes on productive and other times on service works
49 / 50
AW. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
50 / 50
AX. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
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