ACC206

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

B.  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.

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

D. Gearing ratio is calculated as follows_________

E. The following are classifications of overhead except _______

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

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

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

I. The following are examples of variable cost except _________

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

K.  _________ are cost which cannot be influenced by the action of a specified member of an undertaking

L.  _______ 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.

M.  Expenses which are not capable of direct allocation are _________

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

O. Cost control forms part of the ………….. of cost accounting

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

Q. Cost accounting assists with management functioning while management accounting is concerned with management_________

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

S. The following are methods of valuing stock except __________

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

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

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

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

X. _______ 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.

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

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

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

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

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

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

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

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

AG.  Cost is an amount that is recorded as a/an ________in bookkeeping records.

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

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

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

AK.  ________ is the midway between the minimum stock level and the maximum stock level.

AL. _________ 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.

AM. Material variance is mainly classified into ________

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

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

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

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

AR.  ________ cost center is one which consists of a department, a plant or an item of equipment

AS. Production overheads refer to __________.

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

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

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

AW. ___________ is a plan for a future period. It is expressed in monetary terms.

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