ACC206

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

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

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

D. The three elements of cost are material, labour and ________

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

F. The point at which neither profit nor loss is made is known as the ________

G. Production overheads refer to __________.

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

I. ……….. ….is an additional stock held by an organization over and above the minimum stock

J. Contribution is the excess of sale value over ___________

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

L. The following are some essentials of an ideal cost accounting system except ________

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

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

O. _________ ratio are used to determine the ability of a firm to meet its current obligations.

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

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

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

S.  ________ 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.

T. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product

U. The following are materials that can be referred to as stock except _______

V. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)

W. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

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

Y. 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

Z. Material variance is mainly classified into ________

AA. The four basic types of standard are __________

AB. Accounting ratio serves as a means of________ financial information.

AC. _______ costs centers are those which are engaged sometimes on productive and other times on service works.

AD. …………are those costs which depend on or vary according to the output produced

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

AF.  ________ is the level of inventory at which it becomes necessary to place order for new supply

AG. How is interest cover calculated?

AH. _________ 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

AI. The following are part of the scope of cost accounting except ________

AJ. 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________

AK. Which ratio is calculated as shareholders’ funds/tangible assets?

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

AM. Management accounting is specifically a ________ function.

AN.  The point at which neither profit nor loss is made is known as the ________

AO. __________ indicates the number of times fixed dividend is covered by profit.

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

AQ. ___________ are expenses can be directly and wholly allocated to a particular product, job or service

AR. _______ 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.

AS. The following are classifications of overhead except _______

AT. ________ is an expense which contains both a fixed-cost component and a variable-cost component

AU. Management is able to know deviations in performance through ________

AV.  ________ are those expenses/expenditures that are actually paid by the firm

AW.  ______ 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.

AX. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product

AY.  ________ is the level of inventory where it becomes necessary to place order for new supply

AZ. ________ measures the efficiency of the firm in utilization of capital employed to generate income.

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

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

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

BD.  _______ is the cost of producing an extra unit

BE. _________ 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

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

BG. ________ 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.

BH.  _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.

BI. The following are examples of variable cost except ______

BJ.  _______ indicates what percentage of sales is generated as operating profit

BK.  _______ is the combination of fixed cost and Variable Costs

BL. The following are classifications of overhead except _______

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

BN. Cost accounting assists with management functioning while management accounting is concerned with management_________

BO.  ________ 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.

BP. __________ indicates the number of times fixed dividend is covered by profit.

BQ. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve

BR. _______ = Maximum usage X maximum delivery period