ACC 203 CBT PRACTICE

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

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

3. _______ benefit from business training opportunity.

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

5. The following are methods of valuing stock except

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

7. ______ is mostly found in retailing business.

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

9. _____ use resources to be able to perform their functions

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

11. _______ = Maximum usage X maximum delivery period

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

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

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

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

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

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

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

19. ________ 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.

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

21. ____- include Specialization and the division of labour.

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

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

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

25. _______ 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

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

27. The following are classifications of overhead except _______

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

29. The following are examples of variable cost except

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

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

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

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

34. The following are examples of fixed cost except

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

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

37. _________ 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

38. ________ 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.

39. _______ indicates what percentage of sales is generated as operating profit

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