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. Discretionary fixed cost is also known as managed or _________ cost
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C. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
4 / 50
D. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
5 / 50
E. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
6 / 50
F. __________ is a measure of the relationship between the current assets and current liabilities.
7 / 50
G. …………are those costs which depend on or vary according to the output produced
8 / 50
H. The costs that can be easily identified with a department, process or product are termed as ________
9 / 50
I. ________ 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.
10 / 50
J. _______ 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.
11 / 50
K. ______ 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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L. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.
13 / 50
M. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
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N. _______ = Maximum usage X maximum delivery period
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O. The following are classifications of overhead except _______
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P. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
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Q. Expenses which are not capable of direct allocation are _________
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R. Cost control forms part of the ………….. of cost accounting
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S. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
20 / 50
T. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
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U. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
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V. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
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W. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
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X. _______ is a system where income is measured by the value added by a firm in a particular period
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Y. Discretionary fixed cost is also known as managed or _________ cost
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Z. The following are materials that can be referred to as stock except _______
27 / 50
AA. The following are advantages of cost accounting to government except __________
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AB. ________ is the measurement of the cost and value of people for the organization
29 / 50
AC. Cost accounting assists with management functioning while management accounting is concerned with management_________
30 / 50
AD. _________= Re-order level (Average usage X Average delivery period)
31 / 50
AE. A department, plant or an item of equipment can make up a cost centre referred to as ________
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AF. The basic variances can be categorized under four major headings as ________
33 / 50
AG. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
34 / 50
AH. The four basic types of standard are __________
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AI. 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
36 / 50
AJ. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
37 / 50
AK. __________ is the process and techniques of ascertaining cost.
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AL. Cost is an amount that is recorded as a/an ________in bookkeeping records.
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AM. ________ is the level of inventory where it becomes necessary to place order for new supply
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AN. _______ 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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AO. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
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AP. ______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
43 / 50
AQ. ______________ may be viewed as a cost reduction technique
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AR. ___________ are used to ascertain the long-term financial performance of a company
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AS. __________ is a measure of the relationship between the current assets and current liabilities.
46 / 50
AT. _______ 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
47 / 50
AU. The point at which neither profit nor loss is made is known as the ________
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AV. The following are some essentials of an ideal cost accounting system except ________
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AW. ...………is the process of assigning overhead costs to products or services produced
50 / 50
AX. _______ variable costs are those variable costs which are directly related to the production or sales level
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