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In decision making, cost assumes varied meanings. Relevant costs are referred broadly as costs.
The amalgamation of cost classification and cost estimation is called ___________.
The basic principle of cost behaviour is that:
Step costs_____
In a make or buy decision, which of the following factors will ultimately prevail?
All are assumptions behind cost volume profit analysis except
Adeolu limited has fixed costs of N60,000 per annum. It manufactures a single product which it sells for N20 per unit. Its contribution margin ratio is 40%. Adeolu Limited’s break-even point is:
The make-up of a company’s cost structure changes so that the contribution per unit increases, but the total cost remains exactly the same. The operational gearing (also referred to as operational leverage) would:
When preparing a production budget, the quantity to be produced equals
A zero-based budget:
The process of converting cash to be received in the future into a value at the present time by the use of an interest rate is termed
If N400 is invested today and generates N500 in one year’s time, what is the internal rate of return?
A standard cost is related to
During a period, 17,500hrs were worked at a standard cost of N6.50 per hr. The labour efficiency variance was N7,800 favourable. How many standard hrs. were produced?
Determine the firm’s total asset turnover if its net profit margin is 15% assets are N8 million and ROI is 8%
Treasure Plc. has its total current assets as N125,500. If the inventories summed up to N365,000, calculate the company’s acid test ratio
The (AMT) is an umbrella word used to cover one of the following
In throughput accounting, returns is defined as
In throughput accounting, it is assumed that all costs are fixed in relation to throughput in the short-run except
A method of costing associated with just in time production system, which applied cost to the output of a process is known as
The focus of attention in management accounting is the provision of reliable and sufficient information that will assist management in_______
Budgeting control is one of the techniques and tools employed in management accounting. True or False?
In divisional performance measurement, responsibility centres as classified as cost centres, profit centres and_________.
Least square method is also is called _________
The method that is used to determine the amount or value of the economic resources used in producing a product or service is called________.
Which costing method is employed where each cost unit is different from any other cost units and where certain jobs re-occur from time to time?
The costing principle which charges variable costs to costs units and fixed costs attributable to the relevant period is written-off in full against the contribution for that period is called
The difference between sales and variable expenses is called___________
A process which reviews and adjusts set-targets during the financial year and institutes a control mechanism to hold budget operators to account is termed _____________________________
The budget that consolidates the position of all the functional budgets is called_______________________
The opposite of “discounting” in capital investment decision is called___________________
The concept that N1 received in the future is not equal to N1 received today is known as the______
_________ is a technique that gives meanly to a set standard.
_________shows those situations where actual results are not as budgeted.
A system that ensures a linkage of computer controlled machines to ensure effective handling and transfer of parts from one location to another is ____________________________
_________ is seen to be functional with the place, product design, just in time system and goods inwards and output inspection.
Is defined as a system which focuses on ways by which the maximum return per unit of bottleneck activity can be achieved.
________ is a costing method adopted whenever the issues of cost reduction and management are to be addressed by little increases in costs rather than substantial increase?
What is ICMA?
The original or acquisition outlay of an item or service is called ________ cost.
Required:
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
The company wishes to budget for closing stock reflecting 15% of the next month’s level of sales. 6units of direct materials are needed to produce 1unit of the product and will cost N4.00 per unit. The direct materials are to be planned to meet production requirements. It intends to pay wage rate of N15 per hour for 0.6hours required per product. Planned overhead expenses include monthly payments of N9,500 for utilities, N5,000 insurance premium, N16,000 rent and N2100 for lighting. Indirect materials and indirect labour are to be charged as 2% of direct materials and labour respectively. Variable selling and admin expenses is 0.60k per unit and a monthly fixed cost of N14,000. As a company policy the total overhead is applied to direct labour hours. A minimum cash balance of N120,000 is maintained. A credit line of N150,000 at 18% is assured by the company’s banker repayable at month and 5% uncollected. 70% of purchases are paid in the month of purchase and 30% in the following month.
Required:
Prepare necessary operating budgets for the company for the first quarter of 2011 budget year showing:
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
N
Direct Material 2,680
Direct labour 3,990
Supervising labour 300
Factory Rent and Rates 700
Fuel and Power 1,140
Costing office 670
Maintenance 330
Depreciation 1,200
Miscellaneous 1,560
The production for the month of August was 220 units. You are required to:
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
Year |
Plant N |
Factory N |
0 |
(35,000) |
(31,000) |
1 |
7,500 |
6,000 |
2 |
8,000 |
7,500 |
3 |
10,200 |
9,000 |
4 |
11,050 |
10,500 |
5 |
12,000 |
12,000 |
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.