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 the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
2 / 50
B. The two professional accountancy bodies in Nigeria are ……….. and …………….
3 / 50
C. _________ variable costs are those variable costs which are directly related to the production or sales level
4 / 50
D. The following are classifications of overhead except _______
5 / 50
E. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
6 / 50
F. ________ 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.
7 / 50
G. ________ measures the extent to which fixed interest liabilities relate to the equity
8 / 50
H. ________ means expressing the plans, policies and goals of the firm for a definite period in future
9 / 50
I. Management accounting is specifically a ________ function.
10 / 50
J. ________ is an expense which contains both a fixed-cost component and a variable-cost component
11 / 50
K. Basically the scope of cost accounting is divided into ………… major parts
12 / 50
L. _______ is the cost of producing an extra unit
13 / 50
M. __________ are the costs which do not vary with changing output
14 / 50
N. _______ 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
15 / 50
O. What is this formula used to calculate: Actual qty (std price – actual price)?
16 / 50
P. _________ variable costs are those variable costs which are directly related to the production or sales level
17 / 50
Q. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
18 / 50
R. Stock / inventory turnover ratio is calculated as _________
19 / 50
S. Which ratio is calculated as shareholders’ funds/tangible assets?
20 / 50
T. Current ratio is calculated as _____
21 / 50
U. ___________ are used to ascertain the long-term financial performance of a company
22 / 50
V. The following are methods of valuing stock except __________
23 / 50
W. __________.represent an old established standard designed principally to satisfy a given objective
24 / 50
X. ________ are those expenses/expenditures that are actually paid by the firm
25 / 50
Y. The following are examples of fixed cost except _______
26 / 50
Z. The point at which neither profit nor loss is made is known as the ________
27 / 50
AA. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
28 / 50
AB. _________ 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
29 / 50
AC. ___________ is a plan for a future period. It is expressed in monetary terms.
30 / 50
AD. _________ 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.
31 / 50
AE. Expenses which are not capable of direct allocation are _________
32 / 50
AF. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
33 / 50
AG. In financial accounting we follow norms and rules but in ________ there is no need for them
34 / 50
AH. ________ is the measurement of the cost and value of people for the organization
35 / 50
AI. ________ measures the extent to which fixed interest liabilities relate to the equity
36 / 50
AJ. How is interest cover calculated?
37 / 50
AK. The following are classifications of overhead except _______
38 / 50
AL. Gearing ratio is calculated as follows_________
39 / 50
AM. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
40 / 50
AN. Cost control forms part of the ………….. of cost accounting
41 / 50
AO. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
42 / 50
AP. _________ 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
43 / 50
AQ. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
44 / 50
AR. Accounting ratio serves as a means of________ financial information.
45 / 50
AS. The three elements of cost are material, labour and _______
46 / 50
AT. ________ 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.
47 / 50
AU. ______ 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.
48 / 50
AV. __________ are those which are engaged sometimes on productive and other times on service works
49 / 50
AW. _________ ratio are used to determine the ability of a firm to meet its current obligations.
50 / 50
AX. _______ indicates what percentage of sales is generated as operating profit
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