ACC206 e-exam (2019)

Question   <p>In financial accounting we follow norms and rules but in …… there is no need for them </p> 

Question   <p>Usually, the terms, cost accounting and ………..are used interchangeably and are used in one and the same sense </p> 

Question   <p>……..are the costs which do not vary with changing output </p> 

Question   <p>Cost control forms part of the ………….. of cost accounting </p> 

Question   <p>Basically the scope of cost accounting is divided into ………… major parts  </p> 

Question   <p>…………are those costs which depend on or vary according to the output produced</p> 

Question   <p>CIMA defines........ as a cost which can be influenced by the action of specified member of an undertaking</p> 

Question   <p>……is a plan for a future period. It is expressed in monetary terms.</p> 

Question   <p>A ….. is a predetermined calculation of how much costs should be under specified working conditions</p> 

Question   <p>The two professional accountancy bodies in Nigeria are ……….. and …………….</p> 

Question   <p>CIMA refers to …..... as 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 </p> 

Question   <p> … … are those which are engaged sometimes on productive and other times on service works </p> 

Question   <p>___________ is all labour expended and directly involved in altering the condition, composition or construction of the product </p> 

Question   <p>In some circumstances, variable costs are classified into …………. (Discretionary cost and engineered cost)</p> 

Question   <p>___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure </p> 

Question   <p>.....…are the costs which are not associated with production but are treated as expenses of the period in which they occurred</p> 

Question   <p>............…are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued</p> 

Question   <p>........................ is the lowest level of stock that is established by management</p> 

Question   <p>...........…is the quantity of materials as organization will purchase at a time to enjoy economy of scale  </p> 

Question   <p>……….. ….is an additional stock held by an organization over and above the minimum stock </p> 

Question   <p>...………is the process of assigning overhead costs to products or services produced</p> 

Question   <p>...………is the process of tracking the expenses incurred on a job against the revenue produced by that job  </p> 

Question   <p>Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ………….</p> 

Question   <p><span style="letter-spacing:0.15pt">Contribution is the excess of sale value over ___________</span> </p> 

Question   <p>.............represent an old established standard designed principally to satisfy a given objective  </p> 

Question   <p>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 ________ </p> 

Question   <p>A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________ </p> 

Question   <p>The scope of ….....…..embraces activities of the entire company, from production to marketing and at all levels within the organization from the operative to top levels</p> 

Question   <p>…… ........is the term used to describe a management philosophy based on the continuous improvement of quality </p> 

Question   <p>____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.</p> 

Question   <p>............... is the term used to describe a management philosophy based on the continuous improvement of quality </p> 

Question   <p>A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________ </p> 

Question   <p>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________ </p> 

Question   <p>Material variance is mainly classified into ________</p> 

Question   <p>The basic variances can be categorized under four major headings as ________</p> 

Question   <p>The four basic types of standard are __________</p> 

Question   <p>Break-even point means ____________</p> 

Question   <p><span style="letter-spacing:-0.25pt">Production overheads refer to __________</span>.</p> 

Question   <p>Stock / inventory turnover ratio is calculated as _________</p> 

Question   <p>Gearing ratio is calculated as follows_________</p> 

Question   <p>Current ratio is calculated as _____</p> 

Question   <p><span style="letter-spacing:0.05pt">Financial or accounting ratios can mainly be classified into four, they are___________</span></p> 

Question   <p>What is this formula used to calculate: Std price (std qty – actual qty)? </p> 

Question   <p>What is this formula used to calculate: Actual qty (std price – actual price)? </p> 

Question   <p>______________ may be viewed as a cost reduction technique</p> 

Question   <p><span style="letter-spacing:-0.25pt">______________ is actually working backwards to find out the target cost, which a firm would be able to achieve</span></p> 

Question   <p>The aim of __________ is to reduce inventory levels and its attendant costs.</p> 

Question   <p>Working capital is computed as _____________ </p> 

Question   <p>Which ratio is calculated as shareholders’ funds/tangible assets?</p> 

Question   <p>How is interest cover calculated?</p> 

Question   <p>The main functions of cost accounting can be itemized from 1 to __________</p> 

Question   <p>Serving as a guide to price fixing of product is a function of __________<a href="QUOTE"><math xmlns="http://www.w3.org/1998/Math/MathML"><mo></mo></math></a></p> 

Question   <p>In costing forecast may related with __________ </p> 

Question   <p>Costing deals with ___________ </p> 

Question   <p>In cost accounting, total cost is the combination of ____________ </p> 

Question   <p><span lang="EN-IE">FIFO means.......................... </span></p> 

Question   <p>Avoidable costs are also
referred to as..............................................<br></p> 

Question   <p>Branches of accounting are numbered up to _________</p> 

Question   <p>Relevant cost may be __________</p> 

Question   <p>Differential cost is alternative to __________</p> 

Question   <p>Variable cost is not part of<span style="letter-spacing:-0.25pt"> ___________</span></p> 

Question   <p><span style="letter-spacing:-0.25pt">Materials can be classified into </span><span style="letter-spacing:1pt">_____</span></p> 

Question   <p><span style="letter-spacing:-0.25pt">FIFO means _______</span>_</p> 

Question   <p>Replacement price is <span style="letter-spacing:1.25pt">_________</span></p> 

Question   <p>The two basic ways to control stock are ____________</p> 

Question   <p>Fixed costs are sometimes referred to as ________ </p> 

Question   <p>Marginal cost is equivalent to _____________</p> 

Question   <p>Avoidable costs are also referred to as ________ </p> 

Question   <p>Relevant costs are costs that are<span style="letter-spacing:0.55pt"> ________</span></p> 

Question   <p>WAM in costing means what___________</p> 

Question   <p>Retail method of valuing stock is part of </p> 

Question   <p>The difference in receipts and issues of stores ledger account is termed _______</p> 

Question   <p>Reorder level of stock is calculated as <span style="letter-spacing:1.3pt">_______</span></p> 

Question   <p>If the number of hours worked is 150 hours and the pay per hour is N3,500. What will be the gross wage____</p> 

Question   <p>Under the straight piece rate, how is the payment to the employee calculated? __</p> 

Question   <p>In Rowan scheme, how is bonus calculated?</p> 

Question   <p>Overhead absorption rate is calculated as -------------- </p> 

Question   <p>Direct cost is ________ </p> 

Question   <p>Marginal cost is equivalent to _______</p> 

Question   <p>Favorable cost variance means _______</p> 

Question   <p>Semi-variable cost means __________</p> 

Question   <p>In discussion, cost accounting is all except one _________</p> 

Question   <p>The functions of management are_____________</p> 

Question   <p>Types of premium bonus schemes include__________</p> 

Question   <p><span style="letter-spacing:-0.25pt">Production overheads refer to __________</span></p> 

Question   <p>The concept of overhead absorption is __________</p> 

Question   <p>Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are ………….</p> 

Question   <p>Break-even point means ______</p> 

Question   <p><span style="letter-spacing:0.15pt">Contribution is the excess of sale over ___________</span></p> 

Question   <p>Standard costing and budgetary control are related _________</p> 

Question   <p>The four basic types of standard are ________</p> 

Question   <p>The basic variances can be categorized under four major headings as ________</p> 

Question   <p>Material variance is mainly classified into ________</p> 

Question   <p>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________</p> 

Question   <p>A planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________</p> 

Question   <p>........is the term used to describe a management philosophy based on the continuous improvement of quality</p> 

Question   <p><span style="letter-spacing:0.05pt">Financial or accounting ratios can mainly be classified into four, they are_____ </span></p> 

Question   <p>Current ratio is calculated as _____</p> 

Question   <p>Gearing ratio is calculated as follows_________</p> 

Question   <p>Stock / inventory turnover ratio is calculated as _________</p>

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