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. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
2 / 50
B. ________ measures the extent to which fixed interest liabilities relate to the equity
3 / 50
C. ……….. ….is an additional stock held by an organization over and above the minimum stock
4 / 50
D. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
5 / 50
E. 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
6 / 50
F. The two professional accountancy bodies in Nigeria are ……….. and …………….
7 / 50
G. _______ is a system where income is measured by the value added by a firm in a particular period
8 / 50
H. ________ are those expenses/expenditures that are actually paid by the firm
9 / 50
I. _________ ratio are used to determine the ability of a firm to meet its current obligations.
10 / 50
J. The following are examples of fixed cost except _______
11 / 50
K. __________ are the costs which do not vary with changing output
12 / 50
L. __________.represent an old established standard designed principally to satisfy a given objective
13 / 50
M. Discretionary fixed cost is also known as managed or _________ cost
14 / 50
N. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
15 / 50
O. ________ is the level of inventory where it becomes necessary to place order for new supply
16 / 50
P. Basically the scope of cost accounting is divided into ………… major parts
17 / 50
Q. The following are examples of variable cost except _________
18 / 50
R. The costs that can be easily identified with a department, process or product are termed as ________
19 / 50
S. ________ is an expense which contains both a fixed-cost component and a variable-cost component
20 / 50
T. _______ are costs which depend on the output produced
21 / 50
U. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
22 / 50
V. __________ indicates the number of times fixed dividend is covered by profit.
23 / 50
W. ________ cost center is one which consists of a department, a plant or an item of equipment
24 / 50
X. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
25 / 50
Y. ___________ are used to ascertain the long-term financial performance of a company
26 / 50
Z. ________ measures the extent to which fixed interest liabilities relate to the equity
27 / 50
AA. _______ is the cost of producing an extra unit
28 / 50
AB. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
29 / 50
AC. 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 ________
30 / 50
AD. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
31 / 50
AE. In financial accounting we follow norms and rules but in ________ there is no need for them
32 / 50
AF. Items of expenses which are capable of being charged directly to the products manufactured are _________
33 / 50
AG. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
34 / 50
AH. _______ variable costs are those variable costs which are directly related to the production or sales level
35 / 50
AI. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
36 / 50
AJ. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
37 / 50
AK. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
38 / 50
AL. _________ variable costs are those variable costs which are directly related to the production or sales level
39 / 50
AM. ________ 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.
40 / 50
AN. _________ ratio are used to determine the ability of a firm to meet its current obligations.
41 / 50
AO. 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
42 / 50
AP. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
43 / 50
AQ. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
44 / 50
AR. Expenses which are not capable of direct allocation are _________
45 / 50
AS. ________ is the midway between the minimum stock level and the maximum stock level.
46 / 50
AT. Accounting ratio serves as a means of________ financial information.
47 / 50
AU. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
48 / 50
AV. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
49 / 50
AW. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
50 / 50
AX. The point at which neither profit nor loss is made is known as the ________
Restart quiz
Rate this quiz
