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. ________ 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.
2 / 50
B. _________ is the monetary value that a company has spent in order to produce something.
3 / 50
C. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
4 / 50
D. ________ means expressing the plans, policies and goals of the firm for a definite period in future
5 / 50
E. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
6 / 50
F. The following are methods of valuing stock except _________
7 / 50
G. _______ is the cost of producing an extra unit
8 / 50
H. Items of expenses which are capable of being charged directly to the products manufactured are _________
9 / 50
I. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
10 / 50
J. ________ is an expense which contains both a fixed-cost component and a variable-cost component
11 / 50
K. _______ 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
12 / 50
L. ________ measures the extent to which fixed interest liabilities relate to the equity
13 / 50
M. The following are classifications of overhead except _______
14 / 50
N. _________= Re-order level (Average usage X Average delivery period)
15 / 50
O. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
16 / 50
P. Management accounting is specifically a ________ function.
17 / 50
Q. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
18 / 50
R. …………are those costs which depend on or vary according to the output produced
19 / 50
S. The two professional accountancy bodies in Nigeria are ……….. and …………….
20 / 50
T. __________ are those which are engaged sometimes on productive and other times on service works
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U. __________ is a measure of the relationship between the current assets and current liabilities.
22 / 50
V. The following are methods of valuing stock except __________
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W. ________ is the midway between the minimum stock level and the maximum stock level.
24 / 50
X. The four basic types of standard are __________
25 / 50
Y. _________ variable costs are those variable costs which are directly related to the production or sales level
26 / 50
Z. Which ratio is calculated as shareholders’ funds/tangible assets?
27 / 50
AA. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
28 / 50
AB. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
29 / 50
AC. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
30 / 50
AD. ........................ is the lowest level of stock that is established by management
31 / 50
AE. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
32 / 50
AF. ________ enable the management in knowing the operating efficiency of a business.
33 / 50
AG. The three elements of cost are material, labour and _______
34 / 50
AH. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
35 / 50
AI. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.
36 / 50
AJ. _______ 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.
37 / 50
AK. ________ is the measurement of the cost and value of people for the organization
38 / 50
AL. _______ variable costs are those variable costs which are directly related to the production or sales level
39 / 50
AM. _________= Re-order level (Average usage X Average delivery period)
40 / 50
AN. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
41 / 50
AO. The three elements of cost are material, labour and ________
42 / 50
AP. Financial or accounting ratios can mainly be classified into four, they are___________
43 / 50
AQ. __________ is a prediction of what will happen as a result of a given set of circumstances
44 / 50
AR. 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 ________
45 / 50
AS. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
46 / 50
AT. _______ indicates what percentage of sales is generated as operating profit
47 / 50
AU. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
48 / 50
AV. Expenses which are not capable of direct allocation are _________
49 / 50
AW. Discretionary fixed cost is also known as managed or _________ 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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