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

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

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ЕЕ..are the costs which do not vary with changing output

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

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

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

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CIMA defines........ as a cost which can be influenced by the action of specified member of an undertaking

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

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A Е.. is a predetermined calculation of how much costs should be under specified working conditions

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The two professional accountancy bodies in Nigeria are ЕЕЕ.. and ЕЕЕЕЕ.

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CIMA refers to Е..... 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

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Е Е are those which are engaged sometimes on productive and other times on service works

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___________ is all labour expended and directly involved in altering the condition, composition or construction of the product

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In some circumstances, variable costs are classified into ЕЕЕЕ. (Discretionary cost and engineered cost)

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

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.....Еare the costs which are not associated with production but are treated as expenses of the period in which they occurred

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............Еare those costs which will be eliminated if a segment of a business with which they are directly related is discontinued

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........................ is the lowest level of stock that is established by management

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...........Еis the quantity of materials as organization will purchase at a time to enjoy economy of scale

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ЕЕЕ.. Е.is an additional stock held by an organization over and above the minimum stock

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...ЕЕЕis the process of assigning overhead costs to products or services produced

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

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Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are the fundamental components of ЕЕЕЕ.

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Contribution is the excess of sale value over ___________

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.............represent an old established standard designed principally to satisfy a given objective

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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 ________

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

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The scope of Е.....Е..embraces activities of the entire company, from production to marketing and at all levels within the organization from the operative to top levels

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

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____________ is the standard that reflects the management anticipation of what actual costs will be for the current period.

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

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

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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________

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Material variance is mainly classified into ________

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The basic variances can be categorized under four major headings as ________

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The four basic types of standard are __________

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Break-even point means ____________

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Production overheads refer to __________.

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Stock / inventory turnover ratio is calculated as _________

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Gearing ratio is calculated as follows_________

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Current ratio is calculated as _____

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Financial or accounting ratios can mainly be classified into four, they are___________

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

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

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______________ may be viewed as a cost reduction technique

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______________ is actually working backwards to find out the target cost, which a firm would be able to achieve

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The aim of __________ is to reduce inventory levels and its attendant costs.

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Working capital is computed as _____________

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Which ratio is calculated as shareholdersТ funds/tangible assets?

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How is interest cover calculated?

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The main functions of cost accounting can be itemized from 1 to __________

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Serving as a guide to price fixing of product is a function of __________

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In costing forecast may related with __________

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Costing deals with ___________

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In cost accounting, total cost is the combination of ____________

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FIFO means..........................

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Avoidable costs are also referred to as..............................................

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Branches of accounting are numbered up to _________

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Relevant cost may be __________

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Differential cost is alternative to __________

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Variable cost is not part of ___________

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Materials can be classified into _____

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FIFO means ________

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Replacement price is _________

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The two basic ways to control stock are ____________

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Fixed costs are sometimes referred to as ________

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Marginal cost is equivalent to _____________

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Avoidable costs are also referred to as ________

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Relevant costs are costs that are ________

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WAM in costing means what___________

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Retail method of valuing stock is part of

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The difference in receipts and issues of stores ledger account is termed _______

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Reorder level of stock is calculated as _______

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

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Under the straight piece rate, how is the payment to the employee calculated? __

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In Rowan scheme, how is bonus calculated?

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Overhead absorption rate is calculated as --------------

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Direct cost is ________

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Marginal cost is equivalent to _______

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Favorable cost variance means _______

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Semi-variable cost means __________

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In discussion, cost accounting is all except one _________

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The functions of management are_____________

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Types of premium bonus schemes include__________

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Production overheads refer to __________

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The concept of overhead absorption is __________

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Quotes, fixed fee jobs, revenues, items, direct costs and standard costs are ЕЕЕЕ.

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Break-even point means ______

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Contribution is the excess of sale over ___________

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Standard costing and budgetary control are related _________

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The four basic types of standard are ________

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The basic variances can be categorized under four major headings as ________

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Material variance is mainly classified into ________

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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________

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

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

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Financial or accounting ratios can mainly be classified into four, they are_____

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Current ratio is calculated as _____

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Gearing ratio is calculated as follows_________

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Stock / inventory turnover ratio is calculated as _________