ACC206

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

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

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

D. ____ is the monetary outlay for producing a certain good

E. 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 ________

F. Management accounting is specifically a ________ function.

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

H.  _______ are costs which depend on the output produced

I.  ________ means expressing the plans, policies and goals of the firm for a definite period in future

J. _________ 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

K. 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

L. ________ enable the management in knowing the operating efficiency of a business.

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

N. A ___________ is a predetermined calculation of how much costs should be under specified working conditions

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

P. The following are classifications of overhead except _______

Q. ________ 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.

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

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

T. From a buyer's point of view the cost of a product can be called the ______

U. Which ratio is calculated as shareholders’ funds/tangible assets?

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

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

X. __________ are the costs which do not vary with changing output

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

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

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

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

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

AD.  _______ 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

AE. _________ 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.

AF. Break-even point means ____________

AG. ........................ is the lowest level of stock that is established by management

AH. Material variance is mainly classified into ________

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

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

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

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

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

AN. _______ = Maximum usage X maximum delivery period

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

AP. The following are methods of valuing stock except __________

AQ. _________ 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

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

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

AT. Production overheads refer to __________.

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

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

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

AX. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts