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Sample of ICAN INTERMEDIATE EXAM PAST QUESTIONS AND ANSWERS MAY/NOV DIET 2012-2014
Write ONLY the alphabet (A, B, C, D or E) that corresponds to the correct option in each of the following questions/statements:
In relation to cost accounting, which of the following is CORRECT? A. Information is mainly produced for external use. B. The purpose of information is to record financial performance. C. Formats and contents of accounts should follow accounting standards. D. Time period is historical and futuristic. E. It is regulated by legal requirement.
The issue of materials from store is done using a Material Requisition Note. Which of the following is NOT contained in a Material Requisition Note? A. Quantity B. Authorisation C. Stock balance D. Description E. Job or centre charged
An assessment which is carried out during the design stage of a product to achieve the desired objectives at minimum cost is known as………………..
If revenue is the most crucial part of a company’s operations, then the foundation of all budgets is the…………………….
A location, person or an item of equipment in relation to which cost may be ascertained and used for the purpose of cost control is called…………………..
From the records of KKK Limited, the following data were extracted: Budgeted labour hours 6,000 hours Standard hours produced 5,400 hours Actual labour hours 5,760 hours Calculate the capacity ratio.