Category: ACC206 0 ACC206 1 / 50 ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed. Placing time Lead time Re-order time Buffer time 2 / 50  ________ means expressing the plans, policies and goals of the firm for a definite period in future Cost accounting Inventory control Forecasting Budgeting 3 / 50  Expenses which are not capable of direct allocation are _________ spread allocated absorbed apportioned 4 / 50 ________ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued Check 5 / 50 __________ is a measure of the relationship between the current assets and current liabilities. Currency ratio Quick ratio Live ratio Current ratio 6 / 50  ______ 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. Mangement accounting Social accounting Cost accounting Value-added accounting 7 / 50 How is interest cover calculated? Check 8 / 50 __________ indicates the number of times fixed dividend is covered by profit. Dividend cover Activity ratio Current cover Gearing ratio 9 / 50 _________are the costs which are not associated with production but are treated as expenses of the period in which they occurred Check 10 / 50 __________.represent an old established standard designed principally to satisfy a given objective Check 11 / 50 Management accounting is specifically a ________ function. taxation management financial management clearance 12 / 50 ...………is the process of assigning overhead costs to products or services produced Check 13 / 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. Sequence cost Administration cost Distribution cost Production cost 14 / 50  ___________ are used to ascertain the long-term financial performance of a company Current ratio Leverage ratio Gearing ratio Activity ratio 15 / 50 _________ variable costs are those variable costs which are directly related to the production or sales level Discretionary Committed Installation Proportionate 16 / 50 The costs that can be easily identified with a department, process or product are termed as ________ traceable cost untraceable cost uncommon cost common cost 17 / 50  _______ is the cost of producing an extra unit Economic cost Total cost Opportunity cost Marginal cost 18 / 50 A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________ Check 19 / 50 _________ variable costs are those variable costs which are directly related to the production or sales level Committed Installation Proportionate Discretionary 20 / 50 _______ variable costs are those variable costs which are directly related to the production or sales level Sales Engineered Discretionary Production 21 / 50 ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process Committed Discretionary Installation Engineered 22 / 50 ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity Debt equity Liquidity Activity Gearing 23 / 50 ________ 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. Research cost Selling cost Distribution cost Production cost 24 / 50 The point at which neither profit nor loss is made is known as the ________ Gains point Break-even point Earnings point Profit point 25 / 50  Discretionary fixed cost is also known as managed or _________ cost changed particular transpire programmed 26 / 50 ________ measures the extent to which fixed interest liabilities relate to the equity Activity ratio Gearing ratio Specific ratio Additional ratio 27 / 50  _______ 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 Depreciation Period Product Discretionary 28 / 50 __________ is a prediction of what will happen as a result of a given set of circumstances Forecasting Cost accounting Inventory Budgeting 29 / 50  ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods. Production cost Research cost Selling cost Development cost 30 / 50 Material variance is mainly classified into ________ Check 31 / 50 Current ratio is calculated as _____ Check 32 / 50 The following are some of the decisions based on costing except _________ manufacturing by mechanization or automation stock valuation make or buy decision whether to close or continue operation in spite of losses 33 / 50 ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed. Buffer time Re-order time Placing time Lead time 34 / 50  A _____ cost is a predetermined calculation of how much costs should be under specific working conditions Indirect cost standard sunk Opportunity cost 35 / 50  ________ 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. Distribution cost Research cost Selling cost Production cost 36 / 50 _________ 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 Development cost Selling cost Administration cost Operations cost 37 / 50  ________ is the level of inventory where it becomes necessary to place order for new supply Economic Order Quantity Maximum stock level Minimum stock level Re-order level 38 / 50 _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development. Selling overhead Research and Development overhead Production overhead Administrative overhead 39 / 50 _________ ratio are used to determine the ability of a firm to meet its current obligations. Relevant Activity Liquidity Separate 40 / 50 Avoidable cost can also be known as __________ Economic cost escapable cost Total cost Direct cost 41 / 50 A department, plant or an item of equipment can make up a cost centre referred to as ________ Mixed Process Impersonal Operation 42 / 50 The following are methods of valuing stock except __________ Retail method Standard price First-in-first-out Straight line method 43 / 50 ____________ is the standard that reflects the management anticipation of what actual costs will be for the current period. Check 44 / 50 __________ is a measure of the relationship between the current assets and current liabilities. Currency ratio Quick ratio Live ratio Current ratio 45 / 50 ……….. ….is an additional stock held by an organization over and above the minimum stock Check 46 / 50 ...………is the process of tracking the expenses incurred on a job against the revenue produced by that job Check 47 / 50 From a buyer's point of view the cost of a product can be called the ______ Profit Margin Mark-up Price 48 / 50 ________ measures the extent to which fixed interest liabilities relate to the equity Activity ratio Specific ratio Additional ratio Gearing ratio 49 / 50  ________ is the level of inventory at which it becomes necessary to place order for new supply Re-order level Minimum stock level Economic Order Quantity Maximum stock level 50 / 50  _______ refers to those costs which may be regulated at a specified level of authority (management) within a specified time period. Standard cost Controllable cost Uncontrollable cost Indirect cost Restart quiz Rate this quiz Send feedback
