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. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
2 / 50
B. ____ is the monetary outlay for producing a certain good
3 / 50
C. _______ 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.
4 / 50
D. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
5 / 50
E. The following are materials that can be referred to as stock except _______
6 / 50
F. _______ 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
7 / 50
G. The basic variances can be categorized under four major headings as ________
8 / 50
H. ______ 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.
9 / 50
I. ________ is the level of inventory at which it becomes necessary to place order for new supply
10 / 50
J. Accounting ratio serves as a means of________ financial information.
11 / 50
K. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
12 / 50
L. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
13 / 50
M. 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
14 / 50
N. A department, plant or an item of equipment can make up a cost centre referred to as ________
15 / 50
O. _________ ratio are used to determine the ability of a firm to meet its current obligations.
16 / 50
P. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
17 / 50
Q. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
18 / 50
R. The following are classifications of overhead except _______
19 / 50
S. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
20 / 50
T. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
21 / 50
U. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
22 / 50
V. __________ are those which are engaged sometimes on productive and other times on service works
23 / 50
W. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
24 / 50
X. ________ is the midway between the minimum stock level and the maximum stock level.
25 / 50
Y. ___________ is a plan for a future period. It is expressed in monetary terms.
26 / 50
Z. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
27 / 50
AA. The four basic types of standard are __________
28 / 50
AB. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
29 / 50
AC. The following are methods of valuing stock except __________
30 / 50
AD. _________= Re-order level (Average usage X Average delivery period)
31 / 50
AE. Basically the scope of cost accounting is divided into ………… major parts
32 / 50
AF. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
33 / 50
AG. What is this formula used to calculate: Actual qty (std price – actual price)?
34 / 50
AH. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
35 / 50
AI. The following are examples of fixed cost except _______
36 / 50
AJ. The point at which neither profit nor loss is made is known as the ________
37 / 50
AK. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
38 / 50
AL. Which ratio is calculated as shareholders’ funds/tangible assets?
39 / 50
AM. Working capital is computed as _____________
40 / 50
AN. ________ enable the management in knowing the operating efficiency of a business.
41 / 50
AO. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
42 / 50
AP. The following are part of the scope of cost accounting except ________
43 / 50
AQ. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
44 / 50
AR. The costs that can be easily identified with a department, process or product are termed as ________
45 / 50
AS. ________ is the measurement of the cost and value of people for the organization
46 / 50
AT. _________ 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
47 / 50
AU. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
48 / 50
AV. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
49 / 50
AW. The following are advantages of cost accounting to government except __________
50 / 50
AX. Production overheads refer to __________.
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