ACC 203 CBT PRACTICE

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

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

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

4. The following are methods of valuing stock except

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

6. ______ is mostly found in retailing business.

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

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

9. The following are examples of variable cost except

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

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

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

13. _______ = Maximum usage X maximum delivery period

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

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

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

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

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

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

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

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

22. _______ 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.

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

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

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

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

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

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

29. The following are examples of fixed 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 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

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

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

35. The following are classifications of overhead except _______

36. _______ benefit from business training opportunity.

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

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

39. ________ 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.

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