ACC206

A. The following are examples of variable cost except ______

B. _______ 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.

C. _______ of each organization affects rules and regulation of applying management accounting.

D. 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

E. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.

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

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

H. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred

I. _______ 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

J. Break-even point means ____________

K. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______

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

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

N. ……….. ….is an additional stock held by an organization over and above the minimum stock

O. Current ratio is calculated as _____

P. The following are classifications of overhead except _______

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

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

S. __________.represent an old established standard designed principally to satisfy a given objective

T. The following are some essentials of an ideal cost accounting system except ________

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

V.  _______ indicates what percentage of sales is generated as operating profit

W. __________ indicates the number of times fixed dividend is covered by profit.

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

Y. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.

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

AA. The basic variances can be categorized under four major headings as ________

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

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

AD. The three elements of cost are material, labour and _______

AE. The following are examples of fixed cost except _______

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

AG. Material variance is mainly classified into ________

AH. How is interest cover calculated?

AI. The following are classifications of overhead except _______

AJ. _______ costs centers are those which are engaged sometimes on productive and other times on service works.

AK. The four basic types of standard are __________

AL.  ___________ are used to ascertain the long-term financial performance of a company

AM. 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

AN.  A _____ cost is a predetermined calculation of how much costs should be under specific working conditions

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

AP.  ________ measures the efficiency of the firm in utilization of capital employed to generate income.

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

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

AS. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.

AT. The following are materials that can be referred to as stock except _______

AU.  ________ is the level of inventory where it becomes necessary to place order for new supply

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

AW. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.

AX. Contribution is the excess of sale value over ___________