ACC206

A. The four basic types of standard are __________

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

C.  ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.

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

E. 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

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

G. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.

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

I. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.

J. Basically the scope of cost accounting is divided into ………… major parts

K. The costs that can be easily identified with a department, process or product are termed as ______

L. __________ is a prediction of what will happen as a result of a given set of circumstances

M. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________

N. Avoidable cost can also be known as __________

O.  _______ indicates what percentage of sales is generated as operating profit

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

Q.  ________ is the cost of sequence of operations beginning with making the packed product available for dispatch and ending with making the reconditioned returned empty package, if any, available for reuse.

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

S.  _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

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

U. __________.represent an old established standard designed principally to satisfy a given objective

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

W. _______ 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

X.  __________ is the process and techniques of ascertaining cost.

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

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

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

AB. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….

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

AD. Management is able to know deviations in performance through ________

AE. The following are methods of valuing stock except __________

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

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

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

AI. _______ variable costs are those variable costs which are directly related to the production or sales level

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

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

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

AM.  ________ is the level of inventory where it becomes necessary to place order for new supply

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

AO.  ______ 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.

AP. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale

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.  _______ are costs which depend on the output produced

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

AT. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process

AU. _______ 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.

AV. The costs that can be easily identified with a department, process or product are termed as ________

AW.  _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.

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