ACC206

A. The four basic types of standard are __________

B. _______ 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

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

D.  _________ are cost which cannot be influenced by the action of a specified member of an undertaking

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

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

G.  _______ is the combination of fixed cost and Variable Costs

H. ______________ may be viewed as a cost reduction technique

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

J. _________ 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

K. ________ is the measurement of the cost and value of people for the organization

L.  ________ 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.

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

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

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

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

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

R. 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

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

T.  ______ 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.

U. In financial accounting we follow norms and rules but in ________  there is no need for them

V.  _______ 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

W. ........................ is the lowest level of stock that is established by management

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

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

Z. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product

AA. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job

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

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

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

AE.  _______ are the costs which do not vary with changing output

AF.  Accounting ratio serves as a means of________ financial information.

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

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

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

AJ. 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 ________

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

AL. The following are classifications of overhead except _______

AM. Management accounting is specifically a ________ function.

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

AO. How is interest cover calculated?

AP. __________ is a prediction of what will happen as a result of a given set of circumstances

AQ.  ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity

AR.  The following are methods of valuing stock except _________

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

AT. ___________ is a plan for a future period. It is expressed in monetary terms.

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

AV. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….

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

AX.  ________ is cost of process which begins with the implementation of the decision to produce a new or improved product or employ a new or improved method and ends with the commencement of formal production of that product or by the method.