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. ______ 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.
2 / 50
B. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
3 / 50
C. __________ are the costs which do not vary with changing output
4 / 50
D. ________ measures the extent to which fixed interest liabilities relate to the equity
5 / 50
E. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
6 / 50
F. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
7 / 50
G. 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
8 / 50
H. Material variance is mainly classified into ________
9 / 50
I. Which ratio is calculated as shareholders’ funds/tangible assets?
10 / 50
J. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
11 / 50
K. ________ 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.
12 / 50
L. __________ is a prediction of what will happen as a result of a given set of circumstances
13 / 50
M. Stock / inventory turnover ratio is calculated as _________
14 / 50
N. The following are classifications of overhead except _______
15 / 50
O. The four basic types of standard are __________
16 / 50
P. _________ variable costs are those variable costs which are directly related to the production or sales level
17 / 50
Q. Discretionary fixed cost is also known as managed or _________ cost
18 / 50
R. Management accounting is specifically a ________ function.
19 / 50
S. ________ 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.
20 / 50
T. The following are materials that can be referred to as stock except _______
21 / 50
U. Accounting ratio serves as a means of________ financial information.
22 / 50
V. ________ cost center is one which consists of a department, a plant or an item of equipment
23 / 50
W. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
24 / 50
X. Cost is an amount that is recorded as a/an ________in bookkeeping records.
25 / 50
Y. _______ is the combination of fixed cost and Variable Costs
26 / 50
Z. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
27 / 50
AA. _______ variable costs are those variable costs which are directly related to the production or sales level
28 / 50
AB. ________ measures the extent to which fixed interest liabilities relate to the equity
29 / 50
AC. 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________
30 / 50
AD. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
31 / 50
AE. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
32 / 50
AF. Production overheads refer to __________.
33 / 50
AG. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
34 / 50
AH. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
35 / 50
AI. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
36 / 50
AJ. ________ 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.
37 / 50
AK. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
38 / 50
AL. The following are advantages of cost accounting to government except __________
39 / 50
AM. _________ variable costs are those variable costs which are directly related to the production or sales level
40 / 50
AN. Cost accounting assists with management functioning while management accounting is concerned with management_________
41 / 50
AO. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
42 / 50
AP. The following are classifications of overhead except _______
43 / 50
AQ. _________= Re-order level (Average usage X Average delivery period)
44 / 50
AR. ________ means expressing the plans, policies and goals of the firm for a definite period in future
45 / 50
AS. Discretionary fixed cost is also known as managed or _________ cost
46 / 50
AT. Basically the scope of cost accounting is divided into ………… major parts
47 / 50
AU. The following are part of the scope of cost accounting except ________
48 / 50
AV. _________ ratio are used to determine the ability of a firm to meet its current obligations.
49 / 50
AW. The aim of __________ is to reduce inventory levels and its attendant costs.
50 / 50
AX. ________ is the level of inventory at which it becomes necessary to place order for new supply
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