Question
In financial accounting we follow norms and rules but in there is no need for them
QuestionUsually, the terms, cost accounting and ..are used interchangeably and are used in one and the same sense
Question..are the costs which do not vary with changing output
QuestionCost control forms part of the .. of cost accounting
QuestionBasically the scope of cost accounting is divided into major parts
Questionare those costs which depend on or vary according to the output produced
QuestionCIMA defines........ as a cost which can be influenced by the action of specified member of an undertaking
Questionis a plan for a future period. It is expressed in monetary terms.
QuestionA .. is a predetermined calculation of how much costs should be under specified working conditions
QuestionThe two professional accountancy bodies in Nigeria are .. and .
QuestionCIMA 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
Questionare those which are engaged sometimes on productive and other times on service works
Question___________ is all labour expended and directly involved in altering the condition, composition or construction of the product
QuestionIn some circumstances, variable costs are classified into . (Discretionary cost and engineered cost)
Question___________ consist largely of those fixed costs that arise from the possession of plant, equipment and a basic organization structure
Question..... are the costs which are not associated with production but are treated as expenses of the period in which they occurred
Question............ are those costs which will be eliminated if a segment of a business with which they are directly related is discontinued
Question........................ is the lowest level of stock that is established by management
Question........... is the quantity of materials as organization will purchase at a time to enjoy economy of scale
Question.. .is an additional stock held by an organization over and above the minimum stock
Question... is the process of assigning overhead costs to products or services produced
Question... is the process of tracking the expenses incurred on a job against the revenue produced by that job
QuestionQuotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of .
QuestionContribution is the excess of sale value over ___________
Question.............represent an old established standard designed principally to satisfy a given objective
QuestionThe 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 ________
QuestionA planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
QuestionThe 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
Question........is the term used to describe a management philosophy based on the continuous improvement of quality
Question____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.
Question............... is the term used to describe a management philosophy based on the continuous improvement of quality
QuestionA planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called __________
QuestionThe 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________
QuestionMaterial variance is mainly classified into ________
QuestionThe basic variances can be categorized under four major headings as ________
QuestionThe four basic types of standard are __________
QuestionBreak-even point means ____________
QuestionProduction overheads refer to __________.
QuestionStock / inventory turnover ratio is calculated as _________
QuestionGearing ratio is calculated as follows_________
QuestionCurrent ratio is calculated as _____
QuestionFinancial or accounting ratios can mainly be classified into four, they are___________
QuestionWhat is this formula used to calculate: Std price (std qty actual qty)?
QuestionWhat is this formula used to calculate: Actual qty (std price actual price)?
Question______________ may be viewed as a cost reduction technique
Question______________ is actually working backwards to find out the target cost, which a firm would be able to achieve
QuestionThe aim of __________ is to reduce inventory levels and its attendant costs.
QuestionWorking capital is computed as _____________
QuestionWhich ratio is calculated as shareholders funds/tangible assets?
QuestionHow is interest cover calculated?
QuestionThe main functions of cost accounting can be itemized from 1 to __________
QuestionServing as a guide to price fixing of product is a function of __________
QuestionIn costing forecast may related with __________
QuestionCosting deals with ___________
QuestionIn cost accounting, total cost is the combination of ____________
QuestionFIFO means..........................
QuestionAvoidable costs are also
referred to as..............................................
Branches of accounting are numbered up to _________
QuestionRelevant cost may be __________
QuestionDifferential cost is alternative to __________
QuestionVariable cost is not part of ___________
QuestionMaterials can be classified into _____
QuestionFIFO means ________
QuestionReplacement price is _________
QuestionThe two basic ways to control stock are ____________
QuestionFixed costs are sometimes referred to as ________
QuestionMarginal cost is equivalent to _____________
QuestionAvoidable costs are also referred to as ________
QuestionRelevant costs are costs that are ________
QuestionWAM in costing means what___________
QuestionRetail method of valuing stock is part of
QuestionThe difference in receipts and issues of stores ledger account is termed _______
QuestionReorder level of stock is calculated as _______
QuestionIf the number of hours worked is 150 hours and the pay per hour is N3,500. What will be the gross wage____
QuestionUnder the straight piece rate, how is the payment to the employee calculated? __
QuestionIn Rowan scheme, how is bonus calculated?
QuestionOverhead absorption rate is calculated as --------------
QuestionDirect cost is ________
QuestionMarginal cost is equivalent to _______
QuestionFavorable cost variance means _______
QuestionSemi-variable cost means __________
QuestionIn discussion, cost accounting is all except one _________
QuestionThe functions of management are_____________
QuestionTypes of premium bonus schemes include__________
QuestionProduction overheads refer to __________
QuestionThe concept of overhead absorption is __________
QuestionQuotes, fixed fee jobs, revenues, items, direct costs and standard costs are .
QuestionBreak-even point means ______
QuestionContribution is the excess of sale over ___________
QuestionStandard costing and budgetary control are related _________
QuestionThe four basic types of standard are ________
QuestionThe basic variances can be categorized under four major headings as ________
QuestionMaterial variance is mainly classified into ________
QuestionThe 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________
QuestionA planned positive action aimed at reducing costs of products or services without adversely affecting their quality or usability is called ___________
Question........is the term used to describe a management philosophy based on the continuous improvement of quality
QuestionFinancial or accounting ratios can mainly be classified into four, they are_____
QuestionCurrent ratio is calculated as _____
QuestionGearing ratio is calculated as follows_________
QuestionStock / inventory turnover ratio is calculated as _________