ACC 203 CBT PRACTICE

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

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

3. The following are classifications of overhead except _______

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

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

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

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

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

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

10. The following are methods of valuing stock except

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

12. The following are examples of fixed cost except

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

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

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

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

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

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

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

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

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

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

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

24. ________ 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.

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

27. The following are examples of variable cost except

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

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

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

31. _______ = Maximum usage X maximum delivery period

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

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

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

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

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

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

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