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. How is interest cover calculated?
2 / 50
B. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
3 / 50
C. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
4 / 50
D. The following are examples of fixed cost except _______
5 / 50
E. _________ 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.
6 / 50
F. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
7 / 50
G. …………are those costs which depend on or vary according to the output produced
8 / 50
H. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
9 / 50
I. The basic variances can be categorized under four major headings as ________
10 / 50
J. _________ variable costs are those variable costs which are directly related to the production or sales level
11 / 50
K. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
12 / 50
L. __________ are those which are engaged sometimes on productive and other times on service works
13 / 50
M. Financial or accounting ratios can mainly be classified into four, they are___________
14 / 50
N. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
15 / 50
O. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
16 / 50
P. The four basic types of standard are __________
17 / 50
Q. ________ 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.
18 / 50
R. ________ is the midway between the minimum stock level and the maximum stock level.
19 / 50
S. In financial accounting we follow norms and rules but in ________ there is no need for them
20 / 50
T. _______ 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.
21 / 50
U. 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
22 / 50
V. _________ variable costs are those variable costs which are directly related to the production or sales level
23 / 50
W. Management accounting is specifically a ________ function.
24 / 50
X. _________ ratio are used to determine the ability of a firm to meet its current obligations.
25 / 50
Y. Stock / inventory turnover ratio is calculated as _________
26 / 50
Z. The three elements of cost are material, labour and _______
27 / 50
AA. Cost is an amount that is recorded as a/an ________in bookkeeping records.
28 / 50
AB. ________ means expressing the plans, policies and goals of the firm for a definite period in future
29 / 50
AC. Discretionary fixed cost is also known as managed or _________ cost
30 / 50
AD. _______ variable costs are those variable costs which are directly related to the production or sales level
31 / 50
AE. _______ of each organization affects rules and regulation of applying management accounting.
32 / 50
AF. The following are classifications of overhead except _______
33 / 50
AG. ________ 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.
34 / 50
AH. _________ 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
35 / 50
AI. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
36 / 50
AJ. Discretionary fixed cost is also known as managed or _________ cost
37 / 50
AK. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
38 / 50
AL. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
39 / 50
AM. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
40 / 50
AN. The following are part of the scope of cost accounting except ________
41 / 50
AO. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
42 / 50
AP. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
43 / 50
AQ. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
44 / 50
AR. The following are classifications of overhead except _______
45 / 50
AS. Accounting ratio serves as a means of________ financial information.
46 / 50
AT. ________ is the level of inventory at which it becomes necessary to place order for new supply
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. __________ indicates the number of times fixed dividend is covered by profit.
49 / 50
AW. The following are materials that can be referred to as stock except _______
50 / 50
AX. ……….. ….is an additional stock held by an organization over and above the minimum stock
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