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
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A. Basically the scope of cost accounting is divided into ………… major parts
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B. __________ is a measure of the relationship between the current assets and current liabilities.
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C. _______ is the combination of fixed cost and Variable Costs
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D. __________ is the process and techniques of ascertaining cost.
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E. ______ 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.
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F. The following are classifications of overhead except _______
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G. ___________ are used to ascertain the long-term financial performance of a company
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H. ___________ are used to ascertain the long-term financial performance of a company
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I. The following are classifications of overhead except _______
10 / 50
J. ________ 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.
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K. __________ is a prediction of what will happen as a result of a given set of circumstances
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L. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
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M. How is interest cover calculated?
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N. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
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O. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
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P. ________ is the measurement of the cost and value of people for the organization
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Q. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
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R. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
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S. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
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T. The following are some of the decisions based on costing except _________
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U. In financial accounting we follow norms and rules but in ________ there is no need for them
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V. ........................ is the lowest level of stock that is established by management
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W. __________.represent an old established standard designed principally to satisfy a given objective
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X. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
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Y. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
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Z. The point at which neither profit nor loss is made is known as the ________
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AA. The following are materials that can be referred to as stock except _______
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AB. ________ is the level of inventory where it becomes necessary to place order for new supply
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AC. The following are methods of valuing stock except __________
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AD. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
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AE. Cost is an amount that is recorded as a/an ________in bookkeeping records.
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AF. Discretionary fixed cost is also known as managed or _________ cost
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AG. __________ is a measure of the relationship between the current assets and current liabilities.
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AH. Financial or accounting ratios can mainly be classified into four, they are___________
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AI. _______ are costs which depend on the output produced
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AJ. _______ 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
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AK. The following are examples of fixed cost except _______
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AL. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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AM. _______ is the cost of producing an extra unit
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AN. The following are materials that can be referred to as stock except _______
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AO. _______ = Maximum usage X maximum delivery period
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AP. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
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AQ. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
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AR. ________ 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.
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AS. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
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AT. Material variance is mainly classified into ________
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AU. _________= Re-order level (Average usage X Average delivery period)
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AV. The following are examples of variable cost except _________
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AW. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
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AX. ________ means expressing the plans, policies and goals of the firm for a definite period in future
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