ACC313
Q1
The following are the objectives of budgetary control except……….
to record the actual performance
The â€!â€!â€!â€!â€|â€!â€|â€!. shows the difference between the actual costs incurred and the standard costs.
Answer: material cost variance
Q2
A budget which is designed to change in accordance with the level of activity attained is…………………
a flexible budget
Q3
Costs which contain a standing basic charge plus a variable charge per unit of consumption is known as…………..
mixed cost
Q4
The level of activity is the ………………………………
all of above
Q5
………………….is a summary of the company\’s expected cash inflows and outflows over a given period of time.
a cash budget
Q6
The capacity that is not required is
idle capacity
Q7
The standards that are based on perfect operating conditions are
Ideal standards
Q8
A costing method where the output of one department becomes the input of another department is called……..
process costing
Q9
Reasons for adopting a standard costing technique include all the following, except……………
confidence of the users may be eroded
One of the features of the â€!â€!â€|â€|…is that per unit variable cost remains unchanged
Answer: variable cost
It is important that managers figure out the manufacturing â€!â€|â€|…of a product before it goes into the production stage.
Answer: cost
The relatively new type of procedure that can be used as an inventory valuation method is â€|â€|â€|..
Answer: activity-based costing
The which must be incurred in order to continue operations of the firm is called â€|â€|â€|…
Answer: urgent costs
â€!â€|â€!â€!â€!â€!â€|.is a summary of the companyVs expected cash inflows and outflows over a given period of time.
Answer: a cash budget
The â€!â€!â€!â€!â€|â€!â€|â€!. shows the difference between the actual costs incurred and the standard costs.
Answer: material cost variance
It should be noted that the total of direct expenses is
Answer: prime cost
The system of calculating the amount of money it takes to produce goods or operate a business meansâ€|â€!â€|in Accounting.
Answer: costing
Classification of costs based on the criteria of decision making can be done inâ€|â€!â€|â€!
Answer: opportunity costs
A costing method where the output of one department becomes the input of another department is calledâ€|â€!..
Answer: process costing
Costs which contain a standing basic charge plus a variable charge per unit of consumption is known asâ€!â€|â€|â€!..
Answer: mixed cost
Reasons for adopting a standard costing technique include all the following, exceptâ€|â€!â€!â€|â€!
Answer: confidence of the users may be eroded
The standards that are based on perfect operating conditions are
Answer: ideal standards
A budget which is designed to change in accordance with the level of activity attained isâ€!â€!â€|â€!â€!â€|…
Answer: a flexible budget
The method of costing used in those firms where production is made on continuous basis isâ€!â€|â€|…
Answer: batch costing
The following are the objectives of budgetary control exceptâ€!â€|â€|.
Answer: to record the actual performance
Cost accounting is basically application of the costing and â€|â€!â€!â€!â€!â€!â€!â€|.. principles.
Answer: cost accounting
The capacity that is not required is
Answer: idle capacity
The level of activity is the â€!â€!â€!â€!â€!â€!â€!â€!â€!â€!â€|â€!
Answer: all of above
The branch of accounting which aims at generating information to control operations is â€|â€|
Answer: control accounting
Follow me on Twitter @louisoladimeji for your free exam summary and free past questions
Whatsapp: 08039407882 for your Project Writeup I Business Plan Writeup I Online Tutorial
