ACC 203 CBT PRACTICE

1. The following are examples of fixed cost except

2. _______ = Maximum usage X maximum delivery period

3. ________ indicates the amount of the net profit after tax attributable to each ordinary share issued

4. _______ is the part of development cost incurred in making a trial production as preliminary to formal production is called pre-production cost.

5. ________ 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.

6. _______ 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

7. ________ is the amount of time it takes for the material to be delivered from the supplier after an order has been placed.

8. A department, plant or an item of equipment can make up a cost centre referred to as ________

9. The following are methods of valuing stock except

10. The three elements of cost are material, labour and

11. ___ partner contributes only the money needed for formation of the business or for running of the business.

12. ________ ratio indicates the financial plan of the entity and shows if the entity is financed more by debt or by equity

13. Discretionary fixed cost is also known as managed or _________ cost

14. _________ variable costs are those variable costs which are directly related to the production or sales level

15. _______ are costs of seeking new ideas, materials, methods of production and improved products and the development and design of such ideas so that they can be applied to formal production.

16. The point at which neither profit nor loss is made is known as the ________

17. ______ is mostly found in retailing business.

18. ________ is cost of process which begins with the implementation of the decision to produce a new or improved product or employ a new or improved method and ends with the commencement of formal production of that product or by the method.

19. ________ measures the efficiency of the firm in utilization of capital employed to generate income.

20. The costs that can be easily identified with a department, process or product are termed as

21. _________= Re-order level (Average usage X Average delivery period)

22. The following are materials that can be reffered to as stock except _______

23. ______ is the cost of searching for new or improved products, new application of materials, or new or improved methods.

24. The following are examples of variable cost except

25. _________ is the cost of sequence of operations which begins with supplying materials, labor and services and ends with the primary packing of the product.

26. _______ variable costs are those variable costs which are directly related to the production or sales level

27. ________ is the cost of selling to create and stimulate demand (sometimes termed as marketing) and of securing orders.

28. _________ are cost of formulating policy, directing and controlling operations not related directly to production, selling, distribution or research and development.

29. Accounting ratio serves as a means of________ financial information.

30. ________ is the level of inventory where it becomes necessary to place order for new supply

31. _________ 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

32. ___________ are used to ascertain the long-term financial performance of a company

33. ________ is the midway between the minimum stock level and the maximum stock level.

34. ___________ are expenses can be directly and wholly allocated to a particular product, job or service

35. ________ fixed costs are those which are set at fixed amount for specific time periods by the management in budgeting process

36. The statutory of management science can be traced back to after the___ World War.

37. __________ indicates the number of times fixed dividend is covered by profit.

38. _________ ratio are used to determine the ability of a firm to meet its current obligations.

39. __________ is a measure of the relationship between the current assets and current liabilities.

40. ________ measures the extent to which fixed interest liabilities relate to the equity