ACC 203 CBT PRACTICE

1. _______ 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.

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

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

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

5. _________ 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

6. ______ is mostly found in retailing business.

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

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

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

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

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

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

13. The following are examples of fixed cost except

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

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

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

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

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

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

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

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

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

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

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

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

26. The following are examples of variable cost except

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

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

29. _______ 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

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

31. ________ 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.

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

33. The following are classifications of overhead except _______

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

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

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

37. The following are methods of valuing stock except

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

39. ________ 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.

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