ACC206

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

B. Items of expenses which are capable of being charged directly to the products manufactured are _________

C. 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________

D. Financial or accounting ratios can mainly be classified into four, they are___________

E. _________ is the monetary value that a company has spent in order to produce something.

F. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job

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

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

I. Discretionary fixed cost is also known as managed or _________ cost

J.  _______ 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

K.  A _____ cost is a predetermined calculation of how much costs should be under specific working conditions

L. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity

M. ________ enable the management in knowing the operating efficiency of a business.

N. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued

O. The aim of __________ is to reduce inventory levels and its attendant costs.

P. Gearing ratio is calculated as follows_________

Q. _________ variable costs are those variable costs which are directly related to the production or sales level

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

S. From a buyer's point of view the cost of a product can be called the ______

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

U. In financial accounting we follow norms and rules but in ________  there is no need for them

V.  ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.

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

X.  The following are advantages of cost accounting to government except __________

Y. ________ is the measurement of the cost and value of people for the organization

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

AA.  ________ means expressing the plans, policies and goals of the firm for a definite period in future

AB. A department, plant or an item of equipment can make up a cost centre referred to as ________

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

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

AE. The four basic types of standard are __________

AF.  _______ are the costs which do not vary with changing output

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

AH. _________ accounting system does not consider the cost constant at every time because the prices of a commodity change with time due to inflation and decline in the purchasing power of money.

AI.  _______ 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.

AJ.  ______ 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.

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

AL. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______

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

AN.  ___________ are used to ascertain the long-term financial performance of a company

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

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

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

AR. _________ variable costs are those variable costs which are directly related to the production or sales level

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

AT. _______ 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.

AU. The following are classifications of overhead except _______

AV. ________ 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.

AW.  ________ is 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.

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