ACC206
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A. _________ 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
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B. Management accounting is specifically a ________ function.
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C. __________ are the costs which do not vary with changing output
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D. ............... is the term used to describe a management philosophy based on the continuous improvement of quality
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E. _______ 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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F. _________ variable costs are those variable costs which are directly related to the production or sales level
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G. Discretionary fixed cost is also known as managed or _________ cost
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H. Contribution is the excess of sale value over ___________
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I. The following are methods of valuing stock except __________
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J. The following are advantages of cost accounting to government except __________
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K. ____ is the monetary outlay for producing a certain good
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L. _________ ratio are used to determine the ability of a firm to meet its current obligations.
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M. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
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N. _______ indicates what percentage of sales is generated as operating profit
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O. The two professional accountancy bodies in Nigeria are ……….. and …………….
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P. The following are classifications of overhead except _______
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Q. A ___________ is a predetermined calculation of how much costs should be under specified working conditions
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R. The following are classifications of overhead except _______
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S. _______ is the combination of fixed cost and Variable Costs
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T. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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U. _______ = Maximum usage X maximum delivery period
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V. _______ is a system where income is measured by the value added by a firm in a particular period
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W. The following are some essentials of an ideal cost accounting system except ________
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X. Gearing ratio is calculated as follows_________
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Y. The three elements of cost are material, labour and ________
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Z. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
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AA. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
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AB. The following are methods of valuing stock except _________
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AC. The point at which neither profit nor loss is made is known as the ________
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AD. ________ measures the extent to which fixed interest liabilities relate to the equity
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AE. The following are examples of variable cost except ______
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AF. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
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AG. ________ 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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AH. Expenses which are not capable of direct allocation are _________
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AI. ________ is an expense which contains both a fixed-cost component and a variable-cost component
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AJ. Working capital is computed as _____________
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AK. _______ 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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AL. Management is able to know deviations in performance through ________
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AM. The following are some of the decisions based on costing except _________
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AN. ________ is the level of inventory where it becomes necessary to place order for new supply
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AO. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.
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AP. 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
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AQ. _______ are the costs which do not vary with changing output
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AR. Avoidable cost can also be known as __________
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AS. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
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AT. __________ is a measure of the relationship between the current assets and current liabilities.
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AU. _________= Re-order level (Average usage X Average delivery period)
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AV. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
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AW. ___________ are used to ascertain the long-term financial performance of a company
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AX. _______ = Maximum usage X maximum delivery period
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AY. ________ 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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AZ. Material variance is mainly classified into ________
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BA. The following are examples of fixed cost except _______
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BB. ...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale
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BC. _______ costs centers are those which are engaged sometimes on productive and other times on service works.
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BD. The basic variances can be categorized under four major headings as ________
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BE. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
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BF. CIMA defines __________ as a cost which can be influenced by the action of specified member of an undertaking
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BG. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
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BH. _______ are costs which depend on the output produced
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BI. _______ 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.
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BJ. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
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BK. Accounting ratio serves as a means of________ financial information.
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BL. The costs that can be easily identified with a department, process or product are termed as ________
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BM. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
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BN. _______ indicates what percentage of sales is generated as operating profit
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BO. Discretionary fixed cost is also known as managed or _________ cost
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BP. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
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BQ. ________ is the level of inventory at which it becomes necessary to place order for new supply
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BR. Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….
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