ACC206

A. ____ is the monetary outlay for producing a certain good

B. What is this formula used to calculate: Std price (std qty – actual qty)?

C.  _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.

D. CIMA defines __________  as a cost which can be influenced by the action of specified member of an undertaking

E. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.

F. _______ = Maximum usage X maximum delivery period

G. The following are classifications of overhead except _______

H. The following are examples of variable cost except ______

I. _________ variable costs are those variable costs which are directly related to the production or sales level

J. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.

K. From a buyer's point of view the cost of a product can be called the ______

L. The following are classifications of overhead except _______

M. The four basic types of standard are __________

N. The costs that can be easily identified with a department, process or product are termed as ______

O.  The following are methods of valuing stock except _________

P. _________ variable costs are those variable costs which are directly related to the production or sales level

Q. ________ measures the extent to which fixed interest liabilities relate to the equity

R. _________ 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.

S. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure

T. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service

U.  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.

V. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________

W. _______ = Maximum usage X maximum delivery period

X. …………are those costs which depend on or vary according to the output produced

Y. Which ratio is calculated as shareholders’ funds/tangible assets?

Z. ________ is the midway between the minimum stock level and the maximum stock level.

AA. The point at which neither profit nor loss is made is known as the ________

AB. Cost accounting assists with management functioning while management accounting is concerned with management_________

AC. ...………is the process of assigning overhead costs to products or services produced

AD. ............... is the term used to describe a management philosophy based on the continuous improvement of quality

AE. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process

AF.  ________ cost center is one which consists of a department, a plant or an item of equipment

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.

AH. __________ are the costs which do not vary with changing output

AI. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

AJ. Items of expenses which are capable of being charged directly to the products manufactured are _________

AK. __________ is a measure of the relationship between the current assets and current liabilities.

AL. _______ variable costs are those variable costs which are directly related to the production or sales level

AM.  _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

AN.  ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.

AO. The setting of pre-determined level of costs to be compared with actual gives room for basic tools to be employed in cost control. They are Standard costing and ________

AP. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality

AQ. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)

AR. The following are some of the decisions based on costing except _________

AS.  Cost is an amount that is recorded as a/an ________in bookkeeping records.

AT. The setting of pre-determined level of costs to be compared with actual gives room for basic tools to be employed in cost control. They are________

AU.  Discretionary fixed cost is also known as managed or _________ cost

AV. Financial or accounting ratios can mainly be classified into four, they are___________

AW. Management is able to know deviations in performance through ________

AX. The costs that can be easily identified with a department, process or product are termed as ________