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. Which ratio is calculated as shareholders’ funds/tangible assets?
2 / 50
B. _______ is the cost of producing an extra unit
3 / 50
C. ________ are those expenses/expenditures that are actually paid by the firm
4 / 50
D. What is this formula used to calculate: Std price (std qty – actual qty)?
5 / 50
E. __________ are those which are engaged sometimes on productive and other times on service works
6 / 50
F. ________ means expressing the plans, policies and goals of the firm for a definite period in future
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. The following are advantages of cost accounting to government except __________
9 / 50
I. ________ is the midway between the minimum stock level and the maximum stock level.
10 / 50
J. ________ measures the extent to which fixed interest liabilities relate to the equity
11 / 50
K. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
12 / 50
L. ________ is an expense which contains both a fixed-cost component and a variable-cost component
13 / 50
M. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
14 / 50
N. __________.represent an old established standard designed principally to satisfy a given objective
15 / 50
O. The three elements of cost are material, labour and _______
16 / 50
P. _________ variable costs are those variable costs which are directly related to the production or sales level
17 / 50
Q. _________ variable costs are those variable costs which are directly related to the production or sales level
18 / 50
R. 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
19 / 50
S. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
20 / 50
T. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
21 / 50
U. _________ 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.
22 / 50
V. _______ of each organization affects rules and regulation of applying management accounting.
23 / 50
W. __________ is the process and techniques of ascertaining cost.
24 / 50
X. Management accounting is specifically a ________ function.
25 / 50
Y. ________ is the level of inventory where it becomes necessary to place order for new supply
26 / 50
Z. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
27 / 50
AA. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
28 / 50
AB. _______ = Maximum usage X maximum delivery period
29 / 50
AC. ___________ are used to ascertain the long-term financial performance of a company
30 / 50
AD. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
31 / 50
AE. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
32 / 50
AF. Cost is an amount that is recorded as a/an ________in bookkeeping records.
33 / 50
AG. The following are examples of fixed cost except _______
34 / 50
AH. The following are examples of variable cost except _________
35 / 50
AI. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
36 / 50
AJ. _______ are the costs which do not vary with changing output
37 / 50
AK. _______ is the combination of fixed cost and Variable Costs
38 / 50
AL. Accounting ratio serves as a means of________ financial information.
39 / 50
AM. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
40 / 50
AN. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
41 / 50
AO. What is this formula used to calculate: Actual qty (std price – actual price)?
42 / 50
AP. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
43 / 50
AQ. ________ 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.
44 / 50
AR. __________ is a measure of the relationship between the current assets and current liabilities.
45 / 50
AS. _______ variable costs are those variable costs which are directly related to the production or sales level
46 / 50
AT. Avoidable cost can also be known as __________
47 / 50
AU. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
48 / 50
AV. ___________ is a plan for a future period. It is expressed in monetary terms.
49 / 50
AW. _________= Re-order level (Average usage X Average delivery period)
50 / 50
AX. Contribution is the excess of sale value over ___________
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