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. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
2 / 50
B. __________ are those which are engaged sometimes on productive and other times on service works
3 / 50
C. _________ 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.
4 / 50
D. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
5 / 50
E. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
6 / 50
F. Accounting ratio serves as a means of________ financial information.
7 / 50
G. From a buyer's point of view the cost of a product can be called the ______
8 / 50
H. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
9 / 50
I. Cost is an amount that is recorded as a/an ________in bookkeeping records.
10 / 50
J. The following are some of the decisions based on costing except _________
11 / 50
K. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
12 / 50
L. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
13 / 50
M. ________ measures the extent to which fixed interest liabilities relate to the equity
14 / 50
N. __________ are the costs which do not vary with changing output
15 / 50
O. Current ratio is calculated as _____
16 / 50
P. _______ are costs which depend on the output produced
17 / 50
Q. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
18 / 50
R. ...………is the process of assigning overhead costs to products or services produced
19 / 50
S. _______ = Maximum usage X maximum delivery period
20 / 50
T. __________ is a prediction of what will happen as a result of a given set of circumstances
21 / 50
U. __________ indicates the number of times fixed dividend is covered by profit.
22 / 50
V. _______ indicates what percentage of sales is generated as operating profit
23 / 50
W. Cost accounting assists with management functioning while management accounting is concerned with management_________
24 / 50
X. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
25 / 50
Y. 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
26 / 50
Z. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
27 / 50
AA. __________.represent an old established standard designed principally to satisfy a given objective
28 / 50
AB. _________ 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
29 / 50
AC. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
30 / 50
AD. _________ is the monetary value that a company has spent in order to produce something.
31 / 50
AE. Material variance is mainly classified into ________
32 / 50
AF. _______ is a system where income is measured by the value added by a firm in a particular period
33 / 50
AG. ________ is the midway between the minimum stock level and the maximum stock level.
34 / 50
AH. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
35 / 50
AI. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
36 / 50
AJ. _______ of each organization affects rules and regulation of applying management accounting.
37 / 50
AK. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
38 / 50
AL. ____ is the monetary outlay for producing a certain good
39 / 50
AM. _________ variable costs are those variable costs which are directly related to the production or sales level
40 / 50
AN. ______________ may be viewed as a cost reduction technique
41 / 50
AO. How is interest cover calculated?
42 / 50
AP. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
43 / 50
AQ. Expenses which are not capable of direct allocation are _________
44 / 50
AR. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
45 / 50
AS. Cost control forms part of the ………….. of cost accounting
46 / 50
AT. _______ variable costs are those variable costs which are directly related to the production or sales level
47 / 50
AU. _________ variable costs are those variable costs which are directly related to the production or sales level
48 / 50
AV. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
49 / 50
AW. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
50 / 50
AX. Which ratio is calculated as shareholders’ funds/tangible assets?
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