ACC206

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

B. Which ratio is calculated as shareholders’ funds/tangible assets?

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

D. _______ = Maximum usage X maximum delivery period

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

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

G.  ________ is the level of inventory at which it becomes necessary to place order for new supply

H.  ________ cost center is one which consists of a department, a plant or an item of equipment

I. The following are part of the scope of cost accounting except ________

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

K. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve

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

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

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.

O.  The following are methods of valuing stock except _________

P. _______ variable costs are those variable costs which are directly related to the production or sales level

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

R. The two professional accountancy bodies in Nigeria are ……….. and …………….

S. _________= Re-order level (Average usage X Average delivery period)

T. Contribution is the excess of sale value over ___________

U. 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

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

W.  __________ is the process and techniques of ascertaining cost.

X. Cost control forms part of the ………….. of cost accounting

Y. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale

Z.  _______ is a system where income is measured by the value added by a firm in a particular period

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

AB. The four basic types of standard are __________

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

AD. ________ is an expense which contains both a fixed-cost component and a variable-cost component

AE.  ________ are those expenses/expenditures that are actually paid by the firm

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

AG. Management is able to know deviations in performance through ________

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

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

AJ. _______ 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.

AK.  _______ is the cost of producing an extra unit

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

AM. ________ enable the management in knowing the operating efficiency of a business.

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

AO. 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________

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

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

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

AS. _________= Re-order level (Average usage X Average delivery period)

AT. The following are examples of fixed cost except _______

AU. Items of expenses which are capable of being charged directly to the products manufactured are _________

AV. Material variance is mainly classified into ________

AW. ________ 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.

AX.  _______ 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.

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

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

BA.  ______ 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.

BB. ……. ........is the term used to describe a management philosophy based on the continuous improvement of quality

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

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

BE. The aim of __________ is to reduce inventory levels and its attendant costs.

BF.  ________ 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.

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

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

BI.  ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.

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

BK. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued

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

BM.  ________ includes both the actual direct costs (accounting costs) plus the opportunity cost

BN. 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 ________

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

BP. Break-even point means ____________

BQ. Basically the scope of cost accounting is divided into ………… major parts

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