1. The unit of product or service in relation to which costs are ascertained is …….. 2. Payments to production workers for work directly related to production is ……. 3. The total of direct costs is known as ………… 4. The factors which influence the costs of an activity are known as ………. 5. The control of those materials which are kept in the store is known as ………… 6. The highest level which inventory should not exceed is called ………. 7. The method of material pricing which will ensure that cost of operation is near enough to current price is ………… 8. The method of depreciation used during hyper-inflationary period is …………….. 9. Variable overhead efficiency variance is the difference between the absorbed variable overhead and the …………….. 10. The overhead accounting method whereby fixed and variable costs are absorbed into production is called …………. 11. Normal process losses are borne by ………… 12. Proceeds of scrap, if small, should be treated as windfall to the department, if substantial, it should be deducted from …………… 13. The difference between the standard cost and actual cost of a product or service is termed ………… 14. Budgetary control relates expenditure to the person who incurs the expenditure, standard costing relates expenditure to ………… 15. A standard established for use over a short period of time, usually a year is called ………… 16. The difference between the standard cost of overhead absorbed in the output achieved and the actual overhead cost is …………. 17. The variance caused by the payment of more or less than the rate specified in the standard wage is …………. 18. The relationship between the budgeted number of working hours and maximum number of working hours in a budget period is ………… 19. The bottleneck which is vital to operational success in a budgetary system is termed ……….. 20. Where production is the problem, one important means of overcoming the limiting factor is ………. 21. Where sales is the problem, one important means of overcoming the limiting factor is ………… 22. The summary budget which shows the Budgeted Profit and Loss Account for the budget period and the Budgeted Balance Sheet is called …………… 23. Just-in-time system is a move towards ……. per cent on-time deliveries. 24. Just-in-time system is a move towards ………. level of inventory. 25. In a flexible budgetary system, the difference between overhead absorbed by actual production and budgeted overhead allowance is ……….. variance. 26. Marginal costing technique brings out the relationship between cost/sales/…….. 27. If levels of budgets are set which are too low, a condition will exist which is called …………. 28. In the cost ledger, the control account into which are posted income or expenditure extracted from the financial accounts is called ………… 29. The difference between sales value and marginal cost of sales is called …….. 30. The amount by which the volume of sales may decrease before the breakeven point is reached is called …………
Posted on: Wed, 22 May 2013 14:41:33 +0000
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