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. _______ variable costs are those variable costs which are directly related to the production or sales level
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B. _______ 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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C. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
4 / 50
D. Expenses which are not capable of direct allocation are _________
5 / 50
E. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
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F. ________ 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.
7 / 50
G. The following are some essentials of an ideal cost accounting system except ________
8 / 50
H. A department, plant or an item of equipment can make up a cost centre referred to as ________
9 / 50
I. __________ is a prediction of what will happen as a result of a given set of circumstances
10 / 50
J. The three elements of cost are material, labour and ________
11 / 50
K. From a buyer's point of view the cost of a product can be called the ______
12 / 50
L. _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.
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M. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale
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N. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
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O. 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
16 / 50
P. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
17 / 50
Q. _________ variable costs are those variable costs which are directly related to the production or sales level
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R. The costs that can be easily identified with a department, process or product are termed as ______
19 / 50
S. Financial or accounting ratios can mainly be classified into four, they are___________
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T. Contribution is the excess of sale value over ___________
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U. _______ is the combination of fixed cost and Variable Costs
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V. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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W. 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________
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X. __________ are the costs which do not vary with changing output
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Y. Material variance is mainly classified into ________
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Z. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
27 / 50
AA. ________ means expressing the plans, policies and goals of the firm for a definite period in future
28 / 50
AB. Current ratio is calculated as _____
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AC. _______ are costs which depend on the output produced
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AD. ________ is the quantity of materials an organization will purchase at a time to enjoy economy of scale i.e. transport cost, bulk discount, ordering cost, holding cost, etc.
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AE. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
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AF. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
33 / 50
AG. _________ variable costs are those variable costs which are directly related to the production or sales level
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AH. Gearing ratio is calculated as follows_________
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AI. Cost accounting assists with management functioning while management accounting is concerned with management_________
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AJ. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
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AK. ........................ is the lowest level of stock that is established by management
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AL. Basically the scope of cost accounting is divided into ………… major parts
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AM. What is this formula used to calculate: Actual qty (std price – actual price)?
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AN. The following are materials that can be referred to as stock except _______
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AO. ___________ are used to ascertain the long-term financial performance of a company
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AP. The following are classifications of overhead except _______
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AQ. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality
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AR. The following are examples of variable cost except _________
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AS. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
46 / 50
AT. The following are materials that can be referred to as stock except _______
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AU. Cost control forms part of the ………….. of cost accounting
48 / 50
AV. __________ indicates the number of times fixed dividend is covered by profit.
49 / 50
AW. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
50 / 50
AX. ________ measures the extent to which fixed interest liabilities relate to the equity
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