ACC 203 CBT PRACTICE

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

2. ________ 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.

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

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

5. _______ 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.

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

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

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

9. ______ is mostly found in retailing business.

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

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

12. The following are examples of fixed cost except

13. _______ = Maximum usage X maximum delivery period

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

15. The following are examples of variable cost except

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

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

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

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

20. _______ 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

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

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

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

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

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

26. The following are methods of valuing stock except

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

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

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

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

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

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

33. ________ 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.

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

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

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

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

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

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

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