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 classifications of overhead except _______
2 / 50
B. ________ is an expense which contains both a fixed-cost component and a variable-cost component
3 / 50
C. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
4 / 50
D. ........................ is the lowest level of stock that is established by management
5 / 50
E. __________.represent an old established standard designed principally to satisfy a given objective
6 / 50
F. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
7 / 50
G. Which ratio is calculated as shareholders’ funds/tangible assets?
8 / 50
H. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
9 / 50
I. _______ 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.
10 / 50
J. Cost control forms part of the ………….. of cost accounting
11 / 50
K. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
12 / 50
L. _______ are the costs which do not vary with changing output
13 / 50
M. The two professional accountancy bodies in Nigeria are ……….. and …………….
14 / 50
N. _________ variable costs are those variable costs which are directly related to the production or sales level
15 / 50
O. _______ = Maximum usage X maximum delivery period
16 / 50
P. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
17 / 50
Q. The following are examples of fixed cost except _______
18 / 50
R. _______ = Maximum usage X maximum delivery period
19 / 50
S. Production overheads refer to __________.
20 / 50
T. The three elements of cost are material, labour and ________
21 / 50
U. _______ indicates what percentage of sales is generated as operating profit
22 / 50
V. __________ indicates the number of times fixed dividend is covered by profit.
23 / 50
W. _________ 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
24 / 50
X. _______ variable costs are those variable costs which are directly related to the production or sales level
25 / 50
Y. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
26 / 50
Z. ______________ may be viewed as a cost reduction technique
27 / 50
AA. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
28 / 50
AB. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
29 / 50
AC. _______ is the cost of producing an extra unit
30 / 50
AD. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
31 / 50
AE. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
32 / 50
AF. ________ measures the extent to which fixed interest liabilities relate to the equity
33 / 50
AG. _______ variable costs are those variable costs which are directly related to the production or sales level
34 / 50
AH. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
35 / 50
AI. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
36 / 50
AJ. _________ variable costs are those variable costs which are directly related to the production or sales level
37 / 50
AK. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
38 / 50
AL. ________ 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.
39 / 50
AM. _______ is a system where income is measured by the value added by a firm in a particular period
40 / 50
AN. Discretionary fixed cost is also known as managed or _________ cost
41 / 50
AO. Gearing ratio is calculated as follows_________
42 / 50
AP. Management accounting is specifically a ________ function.
43 / 50
AQ. The following are some essentials of an ideal cost accounting system except ________
44 / 50
AR. ________ is the midway between the minimum stock level and the maximum stock level.
45 / 50
AS. Working capital is computed as _____________
46 / 50
AT. ______ deals with the application of double entry system of book keeping to socio-economic analysis at the preparation, estimation and interpretation of national and international balance sheet.
47 / 50
AU. Basically the scope of cost accounting is divided into ………… major parts
48 / 50
AV. …………are those costs which depend on or vary according to the output produced
49 / 50
AW. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
50 / 50
AX. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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