ACC206

A. __________ are the costs which do not vary with changing output

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

C. The following are examples of variable cost except _________

D. Gearing ratio is calculated as follows_________

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

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

G. ________ 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.

H. ________ 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.

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

J. _______ = Maximum usage X maximum delivery period

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

L. Stock / inventory turnover ratio is calculated as _________

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

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

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

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

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

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

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

T.  _______ are costs which depend on the output produced

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

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

W.  _________ are cost which cannot be influenced by the action of a specified member of an undertaking

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

Y.  ________ 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.

Z. 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

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

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

AC. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process

AD. 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 ________

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

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

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

AH. The costs that can be easily identified with a department, process or product are termed as ______

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

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

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

AL. Management accounting is specifically a ________ function.

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

AN.  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.

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

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

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

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

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

AT. _________ 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

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

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

AW. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service

AX. _________ 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