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. The following are methods of valuing stock except __________
2 / 50
B. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
3 / 50
C. _________ variable costs are those variable costs which are directly related to the production or sales level
4 / 50
D. ........................ is the lowest level of stock that is established by management
5 / 50
E. The aim of __________ is to reduce inventory levels and its attendant costs.
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. _______ variable costs are those variable costs which are directly related to the production or sales level
8 / 50
H. ________ 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.
9 / 50
I. The following are classifications of overhead except _______
10 / 50
J. The point at which neither profit nor loss is made is known as the ________
11 / 50
K. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
12 / 50
L. _______ 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.
13 / 50
M. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
14 / 50
N. ________ is an expense which contains both a fixed-cost component and a variable-cost component
15 / 50
O. _______ indicates what percentage of sales is generated as operating profit
16 / 50
P. _______ is a system where income is measured by the value added by a firm in a particular period
17 / 50
Q. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
18 / 50
R. _______ 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.
19 / 50
S. _______ variable costs are those variable costs which are directly related to the production or sales level
20 / 50
T. Accounting ratio serves as a means of________ financial information.
21 / 50
U. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
22 / 50
V. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
23 / 50
W. ________ 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.
24 / 50
X. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
25 / 50
Y. _______ = Maximum usage X maximum delivery period
26 / 50
Z. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
27 / 50
AA. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
28 / 50
AB. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
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. Material variance is mainly classified into ________
31 / 50
AE. _________ 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
32 / 50
AF. How is interest cover calculated?
33 / 50
AG. The three elements of cost are material, labour and ________
34 / 50
AH. The following are part of the scope of cost accounting except ________
35 / 50
AI. The point at which neither profit nor loss is made is known as the ________
36 / 50
AJ. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
37 / 50
AK. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
38 / 50
AL. The costs that can be easily identified with a department, process or product are termed as ______
39 / 50
AM. _______ 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
40 / 50
AN. _________ variable costs are those variable costs which are directly related to the production or sales level
41 / 50
AO. Avoidable cost can also be known as __________
42 / 50
AP. In financial accounting we follow norms and rules but in ________ there is no need for them
43 / 50
AQ. _______ are costs which depend on the output produced
44 / 50
AR. _______ = Maximum usage X maximum delivery period
45 / 50
AS. Items of expenses which are capable of being charged directly to the products manufactured are _________
46 / 50
AT. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
47 / 50
AU. ________ measures the extent to which fixed interest liabilities relate to the equity
48 / 50
AV. ________ enable the management in knowing the operating efficiency of a business.
49 / 50
AW. _________ ratio are used to determine the ability of a firm to meet its current obligations.
50 / 50
AX. …………are those costs which depend on or vary according to the output produced
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