ACC 203 CBT PRACTICE

1. ______ is mostly found in retailing business.

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

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

4. _______ = Maximum usage X maximum delivery period

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

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

8. The following are methods of valuing stock except

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

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

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

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

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

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

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

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

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

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

19. ________ 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.

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

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

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

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

24. The following are classifications of overhead except _______

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

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

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

29. ________ 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.

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

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

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

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

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

35. _______ 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.

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

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

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

39. The following are examples of fixed cost except

40. The following are examples of variable cost except