CBT TEST

ACC 203 CBT PRACTICE

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

If you can get at least 60%, you can be rest assured that you’ll ace ACC 203 exam

PS

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

Note

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

60 – 69 B

50 – 59 C

45 – 49 D

40 – 44 E

0 – 39 F

I wish you success

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15

ACC 203

1 / 40

1. ______ is mostly found in retailing business.

2 / 40

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

3 / 40

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

4 / 40

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

5 / 40

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

6 / 40

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

7 / 40

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

8 / 40

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

9 / 40

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

10 / 40

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

11 / 40

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

12 / 40

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

13 / 40

13. ________ 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.

14 / 40

14. The following are examples of fixed cost except

15 / 40

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

16 / 40

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

17 / 40

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

18 / 40

18. ________ 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.

19 / 40

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

20 / 40

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

21 / 40

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

22 / 40

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

23 / 40

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

24 / 40

24. _______ 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

25 / 40

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

26 / 40

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

27 / 40

27. _______ = Maximum usage X maximum delivery period

28 / 40

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

29 / 40

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

30 / 40

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

31 / 40

31. _______ 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.

32 / 40

32. The following are classifications of overhead except _______

33 / 40

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

34 / 40

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

35 / 40

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

36 / 40

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

37 / 40

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

38 / 40

38. The following are examples of variable cost except

39 / 40

39. _________ 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

40 / 40

40. _______ benefit from business training opportunity.

Your score is

The average score is 26%

0%

Ace/Undergragra

Ace aka Undergragra is a Computer Engineering Graduate at the Federal University Oye-Ekiti. He is a passionate teacher, writer, educational consultant, and educational informant.
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