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 those business costs which do not involve any cash payments but a provision is made in the books of accounts
2 / 50
B. ________ enable the management in knowing the operating efficiency of a business.
3 / 50
C. _________ ratio are used to determine the ability of a firm to meet its current obligations.
4 / 50
D. _______ are costs which depend on the output produced
5 / 50
E. Material variance is mainly classified into ________
6 / 50
F. ________ is the level of inventory where it becomes necessary to place order for new supply
7 / 50
G. ________ is an expense which contains both a fixed-cost component and a variable-cost component
8 / 50
H. The following are classifications of overhead except _______
9 / 50
I. Basically the scope of cost accounting is divided into ………… major parts
10 / 50
J. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
11 / 50
K. Accounting ratio serves as a means of________ financial information.
12 / 50
L. Which ratio is calculated as shareholders’ funds/tangible assets?
13 / 50
M. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
14 / 50
N. ________ measures the extent to which fixed interest liabilities relate to the equity
15 / 50
O. _______ = Maximum usage X maximum delivery period
16 / 50
P. The following are some essentials of an ideal cost accounting system except ________
17 / 50
Q. The costs that can be easily identified with a department, process or product are termed as ________
18 / 50
R. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
19 / 50
S. What is this formula used to calculate: Std price (std qty – actual qty)?
20 / 50
T. The aim of __________ is to reduce inventory levels and its attendant costs.
21 / 50
U. _______ is a system where income is measured by the value added by a firm in a particular period
22 / 50
V. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
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. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale
25 / 50
Y. Gearing ratio is calculated as follows_________
26 / 50
Z. _________= Re-order level (Average usage X Average delivery period)
27 / 50
AA. The following are examples of variable cost except _________
28 / 50
AB. ________ 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.
29 / 50
AC. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
30 / 50
AD. _______ is the combination of fixed cost and Variable Costs
31 / 50
AE. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
32 / 50
AF. The two professional accountancy bodies in Nigeria are ……….. and …………….
33 / 50
AG. Cost is an amount that is recorded as a/an ________in bookkeeping records.
34 / 50
AH. The following are part of the scope of cost accounting except ________
35 / 50
AI. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
36 / 50
AJ. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
37 / 50
AK. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
38 / 50
AL. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
39 / 50
AM. Discretionary fixed cost is also known as managed or _________ cost
40 / 50
AN. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
41 / 50
AO. The following are examples of variable cost except ______
42 / 50
AP. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
43 / 50
AQ. _______ 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.
44 / 50
AR. …………are those costs which depend on or vary according to the output produced
45 / 50
AS. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
46 / 50
AT. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
47 / 50
AU. _________= Re-order level (Average usage X Average delivery period)
48 / 50
AV. _______ indicates what percentage of sales is generated as operating profit
49 / 50
AW. ___________ are used to ascertain the long-term financial performance of a company
50 / 50
AX. Items of expenses which are capable of being charged directly to the products manufactured are _________
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