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. The four basic types of standard are __________
2 / 50
B. _________ ratio are used to determine the ability of a firm to meet its current obligations.
3 / 50
C. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
4 / 50
D. The costs that can be easily identified with a department, process or product are termed as ______
5 / 50
E. _______ are costs which depend on the output produced
6 / 50
F. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.
7 / 50
G. Accounting ratio serves as a means of________ financial information.
8 / 50
H. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
9 / 50
I. Working capital is computed as _____________
10 / 50
J. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
11 / 50
K. The following are examples of variable cost except _________
12 / 50
L. Current ratio is calculated as _____
13 / 50
M. …………are those costs which depend on or vary according to the output produced
14 / 50
N. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
15 / 50
O. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
16 / 50
P. ___________ are used to ascertain the long-term financial performance of a company
17 / 50
Q. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
18 / 50
R. ________ 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.
19 / 50
S. Material variance is mainly classified into ________
20 / 50
T. The following are classifications of overhead except _______
21 / 50
U. Management accounting is specifically a ________ function.
22 / 50
V. ________ are those expenses/expenditures that are actually paid by the firm
23 / 50
W. _______ indicates what percentage of sales is generated as operating profit
24 / 50
X. The point at which neither profit nor loss is made is known as the ________
25 / 50
Y. _________ 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
26 / 50
Z. From a buyer's point of view the cost of a product can be called the ______
27 / 50
AA. _______ of each organization affects rules and regulation of applying management accounting.
28 / 50
AB. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
29 / 50
AC. ________ means expressing the plans, policies and goals of the firm for a definite period in future
30 / 50
AD. _______ = Maximum usage X maximum delivery period
31 / 50
AE. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
32 / 50
AF. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
33 / 50
AG. _______ indicates what percentage of sales is generated as operating profit
34 / 50
AH. Contribution is the excess of sale value over ___________
35 / 50
AI. ________ is the measurement of the cost and value of people for the organization
36 / 50
AJ. __________ are those which are engaged sometimes on productive and other times on service works
37 / 50
AK. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
38 / 50
AL. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
39 / 50
AM. The following are examples of variable cost except ______
40 / 50
AN. _______ is a system where income is measured by the value added by a firm in a particular period
41 / 50
AO. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
42 / 50
AP. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
43 / 50
AQ. _________ ratio are used to determine the ability of a firm to meet its current obligations.
44 / 50
AR. ________ is the level of inventory where it becomes necessary to place order for new supply
45 / 50
AS. ____ is the monetary outlay for producing a certain good
46 / 50
AT. Basically the scope of cost accounting is divided into ………… major parts
47 / 50
AU. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
48 / 50
AV. The point at which neither profit nor loss is made is known as the ________
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 monetary value that a company has spent in order to produce something.
Restart quiz
Rate this quiz
