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Category: ACC206

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ACC206

1 / 50

________ are those business costs which do not involve any cash payments but a provision is made in the books of accounts

2 / 50

________ is the midway between the minimum stock level and the maximum stock level.

3 / 50

Basically the scope of cost accounting is divided into ………… major parts

4 / 50

What is this formula used to calculate: Std price (std qty – actual qty)?

5 / 50

Break-even point means ____________

6 / 50

_________= Re-order level (Average usage X Average delivery period)

7 / 50

The following are examples of variable cost except _________

8 / 50

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

9 / 50

Production overheads refer to __________.

10 / 50

Gearing ratio is calculated as follows_________

11 / 50

___________ is a plan for a future period. It is expressed in monetary terms.

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__________ indicates the number of times fixed dividend is covered by profit.

13 / 50

Cost control forms part of the ………….. of cost accounting

14 / 50

In financial accounting we follow norms and rules but in ________  there is no need for them

15 / 50

...………is the process of tracking the expenses incurred on a job against the revenue produced by that job

16 / 50

_______ variable costs are those variable costs which are directly related to the production or sales level

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

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 ________ are those expenses/expenditures that are actually paid by the firm

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

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The three elements of cost are material, labour and _______

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

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 ______ 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.

23 / 50

Items of expenses which are capable of being charged directly to the products manufactured are _________

24 / 50

Avoidable cost can also be known as __________

25 / 50

 Discretionary fixed cost is also known as managed or _________ cost

26 / 50

The four basic types of standard are __________

27 / 50

 ________ is the level of inventory at which it becomes necessary to place order for new supply

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The following are some essentials of an ideal cost accounting system except ________

29 / 50

_________ variable costs are those variable costs which are directly related to the production or sales level

30 / 50

The costs that can be easily identified with a department, process or product are termed as ______

31 / 50

What is this formula used to calculate: Actual qty (std price – actual price)?

32 / 50

The following are methods of valuing stock except __________

33 / 50

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

34 / 50

Discretionary fixed cost is also known as managed or _________ cost

35 / 50

Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense

36 / 50

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

37 / 50

 _______ is the cost of producing an extra unit

38 / 50

 The following are methods of valuing stock except _________

39 / 50

________ is the measurement of the cost and value of people for the organization

40 / 50

Contribution is the excess of sale value over ___________

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…………are those costs which depend on or vary according to the output produced

42 / 50

The following are classifications of overhead except _______

43 / 50

 Accounting ratio serves as a means of________ financial information.

44 / 50

Management is able to know deviations in performance through ________

45 / 50

 _______ are costs which depend on the output produced

46 / 50

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

47 / 50

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

48 / 50

_______ = Maximum usage X maximum delivery period

49 / 50

 ________ is the midway between the minimum stock level and the maximum stock level.

50 / 50

________ 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.

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