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. Discretionary fixed cost is also known as managed or _________ cost
2 / 50
B. In financial accounting we follow norms and rules but in ________ there is no need for them
3 / 50
C. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
4 / 50
D. The four basic types of standard are __________
5 / 50
E. What is this formula used to calculate: Std price (std qty – actual qty)?
6 / 50
F. _________ 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
7 / 50
G. 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
8 / 50
H. The following are examples of variable cost except ______
9 / 50
I. _______ is the combination of fixed cost and Variable Costs
10 / 50
J. __________.represent an old established standard designed principally to satisfy a given objective
11 / 50
K. The following are examples of variable cost except _________
12 / 50
L. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
13 / 50
M. ________ are those expenses/expenditures that are actually paid by the firm
14 / 50
N. 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________
15 / 50
O. __________ is a measure of the relationship between the current assets and current liabilities.
16 / 50
P. _______ of each organization affects rules and regulation of applying management accounting.
17 / 50
Q. __________ is the process and techniques of ascertaining cost.
18 / 50
R. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
19 / 50
S. The three elements of cost are material, labour and ________
20 / 50
T. __________ are the costs which do not vary with changing output
21 / 50
U. _________ ratio are used to determine the ability of a firm to meet its current obligations.
22 / 50
V. 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 ________
23 / 50
W. _________ 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
24 / 50
X. _______ 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
25 / 50
Y. The following are classifications of overhead except _______
26 / 50
Z. ________ is an expense which contains both a fixed-cost component and a variable-cost component
27 / 50
AA. ________ 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.
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 monetary outlay for producing a certain good
30 / 50
AD. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
31 / 50
AE. …………are those costs which depend on or vary according to the output produced
32 / 50
AF. ________ means expressing the plans, policies and goals of the firm for a definite period in future
33 / 50
AG. ___________ is a plan for a future period. It is expressed in monetary terms.
34 / 50
AH. _______ variable costs are those variable costs which are directly related to the production or sales level
35 / 50
AI. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
36 / 50
AJ. Discretionary fixed cost is also known as managed or _________ cost
37 / 50
AK. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
38 / 50
AL. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
39 / 50
AM. _________ variable costs are those variable costs which are directly related to the production or sales level
40 / 50
AN. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
41 / 50
AO. ________ measures the extent to which fixed interest liabilities relate to the equity
42 / 50
AP. Management is able to know deviations in performance through ________
43 / 50
AQ. The following are part of the scope of cost accounting except ________
44 / 50
AR. Cost is an amount that is recorded as a/an ________in bookkeeping records.
45 / 50
AS. ........................ is the lowest level of stock that is established by management
46 / 50
AT. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
47 / 50
AU. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
48 / 50
AV. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
49 / 50
AW. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
50 / 50
AX. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
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