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. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
2 / 50
B. ________ measures the extent to which fixed interest liabilities relate to the equity
3 / 50
C. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
4 / 50
D. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
5 / 50
E. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
6 / 50
F. 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
7 / 50
G. _______ 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
8 / 50
H. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
9 / 50
I. Working capital is computed as _____________
10 / 50
J. What is this formula used to calculate: Actual qty (std price – actual price)?
11 / 50
K. ________ means expressing the plans, policies and goals of the firm for a definite period in future
12 / 50
L. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
13 / 50
M. Management accounting is specifically a ________ function.
14 / 50
N. _______ = Maximum usage X maximum delivery period
15 / 50
O. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
16 / 50
P. Which ratio is calculated as shareholders’ funds/tangible assets?
17 / 50
Q. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
18 / 50
R. The point at which neither profit nor loss is made is known as the ________
19 / 50
S. The three elements of cost are material, labour and _______
20 / 50
T. Production overheads refer to __________.
21 / 50
U. The following are methods of valuing stock except __________
22 / 50
V. ________ is the level of inventory at which it becomes necessary to place order for new supply
23 / 50
W. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
24 / 50
X. Management is able to know deviations in performance through ________
25 / 50
Y. Material variance is mainly classified into ________
26 / 50
Z. The following are examples of fixed cost except _______
27 / 50
AA. From a buyer's point of view the cost of a product can be called the ______
28 / 50
AB. The following are some essentials of an ideal cost accounting system except ________
29 / 50
AC. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
30 / 50
AD. _________= Re-order level (Average usage X Average delivery period)
31 / 50
AE. Stock / inventory turnover ratio is calculated as _________
32 / 50
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
33 / 50
AG. __________ is a measure of the relationship between the current assets and current liabilities.
34 / 50
AH. The costs that can be easily identified with a department, process or product are termed as ________
35 / 50
AI. The costs that can be easily identified with a department, process or product are termed as ______
36 / 50
AJ. ________ is the quantity of materials an organization will purchase at a time to enjoy economy of scale i.e. transport cost, bulk discount, ordering cost, holding cost, etc.
37 / 50
AK. Cost is an amount that is recorded as a/an ________in bookkeeping records.
38 / 50
AL. Expenses which are not capable of direct allocation are _________
39 / 50
AM. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
40 / 50
AN. ________ is an expense which contains both a fixed-cost component and a variable-cost component
41 / 50
AO. Cost accounting assists with management functioning while management accounting is concerned with management_________
42 / 50
AP. The following are examples of variable cost except _________
43 / 50
AQ. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
44 / 50
AR. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
45 / 50
AS. __________ are the costs which do not vary with changing output
46 / 50
AT. __________.represent an old established standard designed principally to satisfy a given objective
47 / 50
AU. ________ is the midway between the minimum stock level and the maximum stock level.
48 / 50
AV. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
49 / 50
AW. _________ ratio are used to determine the ability of a firm to meet its current obligations.
50 / 50
AX. The following are some of the decisions based on costing except _________
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