ACC206 EXAM PRACTICE QUESTIONS AND ANSWERS

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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