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. _______ indicates what percentage of sales is generated as operating profit
2 / 50
B. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.
3 / 50
C. The three elements of cost are material, labour and ________
4 / 50
D. Management accounting is concerned with forecasting. These forecasting may be related to the following except ______
5 / 50
E. Which ratio is calculated as shareholders’ funds/tangible assets?
6 / 50
F. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
7 / 50
G. ________ means expressing the plans, policies and goals of the firm for a definite period in future
8 / 50
H. ________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts
9 / 50
I. ________ is the midway between the minimum stock level and the maximum stock level.
10 / 50
J. Management is able to know deviations in performance through ________
11 / 50
K. The point at which neither profit nor loss is made is known as the ________
12 / 50
L. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
13 / 50
M. ________ is used to assess whether the benefits and revenues of a proposed business will more than cover the costs.
14 / 50
N. _______ indicates what percentage of sales is generated as operating profit
15 / 50
O. Discretionary fixed cost is also known as managed or _________ cost
16 / 50
P. The following are examples of fixed cost except _______
17 / 50
Q. __________ indicates the number of times fixed dividend is covered by profit.
18 / 50
R. ___________ is a plan for a future period. It is expressed in monetary terms.
19 / 50
S. ________ 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.
20 / 50
T. ______ 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.
21 / 50
U. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service
22 / 50
V. Working capital is computed as _____________
23 / 50
W. ……….. ….is an additional stock held by an organization over and above the minimum stock
24 / 50
X. Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense
25 / 50
Y. Cost control forms part of the ………….. of cost accounting
26 / 50
Z. _______ is the cost of producing an extra unit
27 / 50
AA. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
28 / 50
AB. Discretionary fixed cost is also known as managed or _________ cost
29 / 50
AC. _______ 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
30 / 50
AD. ________ 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.
31 / 50
AE. __________ is a measure of the relationship between the current assets and current liabilities.
32 / 50
AF. The following are part of the scope of cost accounting except ________
33 / 50
AG. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
34 / 50
AH. _________ 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
35 / 50
AI. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
36 / 50
AJ. _______ are the costs which do not vary with changing output
37 / 50
AK. Basically the scope of cost accounting is divided into ………… major parts
38 / 50
AL. Break-even point means ____________
39 / 50
AM. ........................ is the lowest level of stock that is established by management
40 / 50
AN. _________ are cost which cannot be influenced by the action of a specified member of an undertaking
41 / 50
AO. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
42 / 50
AP. _________ variable costs are those variable costs which are directly related to the production or sales level
43 / 50
AQ. __________.represent an old established standard designed principally to satisfy a given objective
44 / 50
AR. ___________ are used to ascertain the long-term financial performance of a company
45 / 50
AS. ________ is the level of inventory where it becomes necessary to place order for new supply
46 / 50
AT. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.
47 / 50
AU. A _____ cost is a predetermined calculation of how much costs should be under specific working conditions
48 / 50
AV. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued
49 / 50
AW. Avoidable cost can also be known as __________
50 / 50
AX. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
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