ACC 203 CBT PRACTICE

1. The following are methods of valuing stock except

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

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

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

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

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

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

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

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

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

11. _______ 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.

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

13. _________ 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

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

15. The following are examples of fixed cost except

16. ______ is mostly found in retailing business.

17. _______ 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

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

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

20. ________ 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.

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

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

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

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

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

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

27. _______ benefit from business training opportunity.

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

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

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

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

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

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

34. ________ 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.

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

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

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

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

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

40. _______ = Maximum usage X maximum delivery period