ACC206




Category: ACC206

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

2 / 50

B. ……….. ….is an additional stock held by an organization over and above the minimum stock

3 / 50

C. ___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure

4 / 50

D. The following are classifications of overhead except _______

5 / 50

E. _______ = Maximum usage X maximum delivery period

6 / 50

F. ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.

7 / 50

G. ____ is the monetary outlay for producing a certain good

8 / 50

H.  The point at which neither profit nor loss is made is known as the ________

9 / 50

I. The following are classifications of overhead except _______

10 / 50

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

11 / 50

K.  A _____ cost is a predetermined calculation of how much costs should be under specific working conditions

12 / 50

L. _________ accounting system does not consider the cost constant at every time because the prices of a commodity change with time due to inflation and decline in the purchasing power of money.

13 / 50

M. ___________ is all labour expended and directly involved in altering the condition, composition or construction of the product

14 / 50

N. The following are some of the decisions based on costing except _________

15 / 50

O.  _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period.

16 / 50

P. __________ is a measure of the relationship between the current assets and current liabilities.

17 / 50

Q.  Expenses which are not capable of direct allocation are _________

18 / 50

R. The point at which neither profit nor loss is made is known as the ________

19 / 50

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

20 / 50

T. _________ ratio are used to determine the ability of a firm to meet its current obligations.

21 / 50

U. _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred

22 / 50

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

23 / 50

W. __________ is a measure of the relationship between the current assets and current liabilities.

24 / 50

X.  ________ means expressing the plans, policies and goals of the firm for a definite period in future

25 / 50

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

26 / 50

Z. How is interest cover calculated?

27 / 50

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

28 / 50

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

29 / 50

AC. ___________ are expenses which are specifically incurred and can be directly and wholly allocated to a particular product, job or service

30 / 50

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

31 / 50

AE.  ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

32 / 50

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

33 / 50

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

34 / 50

AH. 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 ________

35 / 50

AI. ________ measures the efficiency of the firm in utilization of capital employed to generate income.

36 / 50

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

37 / 50

AK.  The following are methods of valuing stock except _________

38 / 50

AL. Stock / inventory turnover ratio is calculated as _________

39 / 50

AM. Working capital is computed as _____________

40 / 50

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

41 / 50

AO. Gearing ratio is calculated as follows_________

42 / 50

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

43 / 50

AQ. _______ 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

44 / 50

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

45 / 50

AS. ________ 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.

46 / 50

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

47 / 50

AU. _________ is the monetary value that a company has spent in order to produce something.

48 / 50

AV.  ___________ are used to ascertain the long-term financial performance of a company

49 / 50

AW. A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________

50 / 50

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

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