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 the amount of the net profit after tax attributable to each ordinary share issued
2 / 50
B. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.
3 / 50
C. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.
4 / 50
D. __________ is a measure of the relationship between the current assets and current liabilities.
5 / 50
E. ________ is the level of inventory where it becomes necessary to place order for new supply
6 / 50
F. Cost accounts provide the value of closing stock at frequent intervals by adopting a ________ system.
7 / 50
G. Current ratio is calculated as _____
8 / 50
H. What is this formula used to calculate: Actual qty (std price – actual price)?
9 / 50
I. ...………is the process of assigning overhead costs to products or services produced
10 / 50
J. The basic variances can be categorized under four major headings as ________
11 / 50
K. ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
12 / 50
L. ________ includes both the actual direct costs (accounting costs) plus the opportunity cost
13 / 50
M. ________ means expressing the plans, policies and goals of the firm for a definite period in future
14 / 50
N. The following are some essentials of an ideal cost accounting system except ________
15 / 50
O. Which ratio is calculated as shareholders’ funds/tangible assets?
16 / 50
P. Management accounting is specifically a ________ function.
17 / 50
Q. Items of expenses which are capable of being charged directly to the products manufactured are _________
18 / 50
R. __________ indicates the number of times fixed dividend is covered by profit.
19 / 50
S. ____ is the monetary outlay for producing a certain good
20 / 50
T. _________ 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
21 / 50
U. ……….. ….is an additional stock held by an organization over and above the minimum stock
22 / 50
V. The following are classifications of overhead except _______
23 / 50
W. _________ 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
24 / 50
X. Discretionary fixed cost is also known as managed or _________ cost
25 / 50
Y. _______ indicates what percentage of sales is generated as operating profit
26 / 50
Z. In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)
27 / 50
AA. Avoidable cost can also be known as __________
28 / 50
AB. _______ variable costs are those variable costs which are directly related to the production or sales level
29 / 50
AC. ________ is 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.
30 / 50
AD. _______ are the costs which do not vary with changing output
31 / 50
AE. The costs that can be easily identified with a department, process or product are termed as ______
32 / 50
AF. Working capital is computed as _____________
33 / 50
AG. _________ ratio are used to determine the ability of a firm to meet its current obligations.
34 / 50
AH. The costs that can be easily identified with a department, process or product are termed as ________
35 / 50
AI. The following are materials that can be referred to as stock except _______
36 / 50
AJ. Contribution is the excess of sale value over ___________
37 / 50
AK. _______ is the combination of fixed cost and Variable Costs
38 / 50
AL. From a/an _____ point of view, cost is the amount of money that is spent to produce a good or a product
39 / 50
AM. ________ measures the efficiency of the firm in utilization of capital employed to generate income.
40 / 50
AN. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity
41 / 50
AO. ________ 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.
42 / 50
AP. ___________ are expenses can be directly and wholly allocated to a particular product, job or service
43 / 50
AQ. ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job
44 / 50
AR. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.
45 / 50
AS. Cost is an amount that is recorded as a/an ________in bookkeeping records.
46 / 50
AT. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process
47 / 50
AU. __________ is the process and techniques of ascertaining cost.
48 / 50
AV. The following are examples of fixed cost except _______
49 / 50
AW. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred
50 / 50
AX. The point at which neither profit nor loss is made is known as the ________
Restart quiz
Rate this quiz
