BSNS115 Exam Questions With Correct
Answers
What are the fundamental principles in the accounting code of ethics? -
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CORRECT ANSWER✔✔-Integrity, objectivity and independence,
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competence, quality performance, professional behaviour
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What is the formula for total cost? - CORRECT ANSWER✔✔-fixed cost +
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variable cost |
What is the name for costs that are partly fixed and partly variable? -
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CORRECT ANSWER✔✔-semi-variable or mixed costs
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What are some typical variable costs? - CORRECT ANSWER✔✔-Raw
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materials, Direct Labour (wages), factory water, light, electricity, sales
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commissions, delivery costs | |
What are some typical fixed costs? - CORRECT ANSWER✔✔-Land tax,
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insurance, supervisory salaries, depreciation, advertising
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, What are the two assumptions regarding cost behaviour? - CORRECT
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ANSWER✔✔-Relevant range, linearity | |
What is the relevant range? - CORRECT ANSWER✔✔-The level of
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activity over which a particular cost behaviour pattern exists
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What is the contribution margin formula? - CORRECT ANSWER✔✔-
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Selling Price - Variable cost
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What is the contribution margin? - CORRECT ANSWER✔✔-The
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contribution to fixed costs and operating income from the sale of a
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product or provision of a service
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What is the contribution margin ratio formula? - CORRECT ANSWER✔✔-
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Contribution margin/sales |
What is the contribution margin ratio? - CORRECT ANSWER✔✔-Portion
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of each sales dollar that remains after covering the variable costs and
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are available to cover fixed costs or provide for profit.
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What is break-even analysis? - CORRECT ANSWER✔✔-Determine
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activity level required to cover all costs associated with the business
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Answers
What are the fundamental principles in the accounting code of ethics? -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-Integrity, objectivity and independence,
| | | | |
competence, quality performance, professional behaviour
| | | |
What is the formula for total cost? - CORRECT ANSWER✔✔-fixed cost +
| | | | | | | | | | | |
variable cost |
What is the name for costs that are partly fixed and partly variable? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-semi-variable or mixed costs
| | | |
What are some typical variable costs? - CORRECT ANSWER✔✔-Raw
| | | | | | | | |
materials, Direct Labour (wages), factory water, light, electricity, sales
| | | | | | | | |
commissions, delivery costs | |
What are some typical fixed costs? - CORRECT ANSWER✔✔-Land tax,
| | | | | | | | | |
insurance, supervisory salaries, depreciation, advertising
| | | |
, What are the two assumptions regarding cost behaviour? - CORRECT
| | | | | | | | | |
ANSWER✔✔-Relevant range, linearity | |
What is the relevant range? - CORRECT ANSWER✔✔-The level of
| | | | | | | | | |
activity over which a particular cost behaviour pattern exists
| | | | | | | |
What is the contribution margin formula? - CORRECT ANSWER✔✔-
| | | | | | | |
Selling Price - Variable cost
| | | |
What is the contribution margin? - CORRECT ANSWER✔✔-The
| | | | | | | |
contribution to fixed costs and operating income from the sale of a
| | | | | | | | | | | |
product or provision of a service
| | | | |
What is the contribution margin ratio formula? - CORRECT ANSWER✔✔-
| | | | | | | | |
Contribution margin/sales |
What is the contribution margin ratio? - CORRECT ANSWER✔✔-Portion
| | | | | | | | |
of each sales dollar that remains after covering the variable costs and
| | | | | | | | | | | |
are available to cover fixed costs or provide for profit.
| | | | | | | | |
What is break-even analysis? - CORRECT ANSWER✔✔-Determine
| | | | | | |
activity level required to cover all costs associated with the business
| | | | | | | | | |
