ACC206 EXAM PRACTICE QUESTIONS AND ANSWERS
From the buyer’s view, the cost of a product can be called
a.want
b.demand
c.price
d.supply
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The type of cost that is associated with the output produced is called
a.direct cost
b.expenses
c.variable cost
d.overheads
The point at which the seller does not make a profit or loss is called
a.equilibrium
b.equals
c.break even
d.balance
The kind of cost which cannot be influenced by the action of a specified member of an undertaking is called
a.demand cost
b.uncontrollable
c.irrelevant cost
d.controllable
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The type of costs that are theoretical is called
a.overheads
b.explicit
c.implicit
d.relevant cost
The cost that does not vary as output changes is called
a.sunk cost
b.variable cost
c.fixed cost
d.relevant cost
The three scopes of cost accounting are cost control, cost record and
a.center
b.behavior
c.ascertainment
d.unit
The branch of accounting that centers on employees is referred to as
a.human resource
b.finance
c.marketing
d.production
The accounting system that recognizes price changes of commodity from time to time is referred to as
a.economy of scale
b.deflation
c.demand
d.inflation
The four areas that are related to forecasting are sales, production, earning and
a.cost
b.record
c.determination
d.allocation
Which of these is not a branch of accounting
a.costing
b.financial
c.management
d.investment
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The process of accounting for cost which begins with the recording of income and expenditure is refers to
a.auditing
b.production
c.cost accounting
d.management
The type of cost that does not involve cash outlay is called
a.relevant cost
b.variance
c.imputed/hypothetical
d.future
The kind of costs which are part of the cost of a product ratherthan an expense of the period in which they are incurred are called
a.direct labour
b.costing
c.material cost
d.product cost
The cost of transforming direct materials into finished products excluding direct materials cost is called
a.progressive
b.target
c.mannual
d.conversion
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An additional stock held by an organization over and above the minimum stock is called
a.supply
b.buffer/ safety
c.quantity demanded
d.order level
The cost which does not vary proportionately but simultaneously and does not remain stationary at all times is known as
a.cost pool
b.variable cost
c.marginal cost
d.semi-variable cost
The quantity of materials an organization will purchase at a time to enjoy economy of scale is known as
a.economic order
b.carrying inward
c.order place
d.demand
The midway between the minimum stock level and the maximum stock is called
a.medium
b.average
c.total cost
d.marginal
which is not an essential of an ideal cost accounting system
a.elasticity
b.accuracy
c.reliable
d.simplicity
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