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. ______ 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.
2 / 50
B. _______ is the cost of producing an extra unit
3 / 50
C. __________ is the process and techniques of ascertaining cost.
4 / 50
D. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
5 / 50
E. Gearing ratio is calculated as follows_________
6 / 50
F. _______ variable costs are those variable costs which are directly related to the production or sales level
7 / 50
G. Which ratio is calculated as shareholders’ funds/tangible assets?
8 / 50
H. Management accounting is specifically a ________ function.
9 / 50
I. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
10 / 50
J. __________ is a measure of the relationship between the current assets and current liabilities.
11 / 50
K. __________ is a measure of the relationship between the current assets and current liabilities.
12 / 50
L. The following are materials that can be referred to as stock except _______
13 / 50
M. CIMA refers to …..... as a location, person or item of equipment (or group of these) for which costs may be ascertained and used for the purpose of cost control
14 / 50
N. _________ is the monetary value that a company has spent in order to produce something.
15 / 50
O. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
16 / 50
P. Cost is an amount that is recorded as a/an ________in bookkeeping records.
17 / 50
Q. Break-even point means ____________
18 / 50
R. __________ are those which are engaged sometimes on productive and other times on service works
19 / 50
S. _______ 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.
20 / 50
T. _______ indicates what percentage of sales is generated as operating profit
21 / 50
U. What is this formula used to calculate: Actual qty (std price – actual price)?
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V. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
23 / 50
W. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
24 / 50
X. ___________ are used to ascertain the long-term financial performance of a company
25 / 50
Y. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
26 / 50
Z. ________ is a location, person or item of equipment (or group of these) for which costs may be ascertained and used for the purpose of cost control.
27 / 50
AA. The following are methods of valuing stock except _________
28 / 50
AB. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
29 / 50
AC. ...………is the process of assigning overhead costs to products or services produced
30 / 50
AD. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
31 / 50
AE. The two professional accountancy bodies in Nigeria are ……….. and …………….
32 / 50
AF. __________ are the costs which do not vary with changing output
33 / 50
AG. The following are classifications of overhead except _______
34 / 50
AH. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
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AI. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
36 / 50
AJ. The point at which neither profit nor loss is made is known as the ________
37 / 50
AK. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
38 / 50
AL. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
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AM. The four basic types of standard are __________
40 / 50
AN. The following are examples of variable cost except _________
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AO. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
42 / 50
AP. …………are those costs which depend on or vary according to the output produced
43 / 50
AQ. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
44 / 50
AR. The following are classifications of overhead except _______
45 / 50
AS. ________ is the measurement of the cost and value of people for the organization
46 / 50
AT. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.
47 / 50
AU. _________= Re-order level (Average usage X Average delivery period)
48 / 50
AV. What is this formula used to calculate: Std price (std qty – actual qty)?
49 / 50
AW. The following are examples of variable cost except ______
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 Standard costing and ________
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