ACC206

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

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

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

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

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

F. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts

G. __________.represent an old established standard designed principally to satisfy a given objective

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

I. ________ measures the extent to which fixed interest liabilities relate to the equity

J. ________ measures the extent to which fixed interest liabilities relate to the equity

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

L. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense

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

N.  _______ 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.

O. 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________

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

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

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

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

T. Working capital is computed as _____________

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

V. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred

W. Gearing ratio is calculated as follows_________

X. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.

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

Z.  ________ 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.

AA. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure

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

AC.  ________ 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.

AD. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

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

AF. _________ 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

AG.  _______ is the cost of producing an extra unit

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

AI. The scope of ….....…..embraces activities of the entire company, from production to marketing and at all levels within the organization from the operative to top levels

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

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

AL. The following are methods of valuing stock except __________

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

AN.  ________ is the midway between the minimum stock level and the maximum stock level.

AO. The basic variances can be categorized under four major headings as ________

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

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

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

AS.  The following are methods of valuing stock except _________

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

AU. Avoidable cost can also be known as __________

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

AW. __________  are those which are engaged sometimes on productive and other times on service works

AX.  ________ indicates the amount of the net profit after tax attributable to each ordinary share issued