ACC210

A. __________is when an auditor respects the information of his client and does not disclose such information to the third party without permission from his client

B. current asset turnover is an examples of ______ ratios

C. One of the following is not a current liability

D. ________by nature can be classified into internal, private and statutory audit

E. The primary purpose of the current ratios is to measure a firm’s_________

F. In Nigeria, the institutions of Public auditors was established in ______

G. The basic components of internal control are all of the following except ______

H. _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to  management

I. _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives

J. The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________

K. Auditing accounts should be properly prepared and in accordance with the provisions of _______

L. Accounts receivable is an example of __________

M. To ensure the performance of the organization is an objective of ________system.

N. _________ are future ratios that can be developed from projected financial statement

O. ________ audit is when all items appearing in the balance sheet are being verified by tracing each item at a time to confirm that the items actually exist

P. _________ ratio that shows profits relative to sales after the direct production costs are deducted

Q. A way of comparing ratios of one firm with some selected firms in the same industry at the same point in time is known as ________

R. The Auditor must consider and report on the following except _______

S. The federal audit department grew from __________

T. One of the following is not an essential feature of internal control

U. _________ is when financial ratios of a firm over a period of time are compared

V. when financial ratios of a firm over a period of time are compared is known as ________

W. ________is an audit that is restricted to some segments of the unit's financial transactions

X. The growth of audit in the private sectors arose as a result of the formation of _________

Y. _________is the ratio that is used to determine the return accruing to each share

Z. From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______

AA. ________ ratios are classified into leverage, activity and liquidity ratios

AB. _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members

AC. ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity.

AD. _____is a process of examining and reviewing accounting transactions in order to ensure the financial statement presents the financial position of the firm fairly, at a particular period.

AE. The standards of comparison of ratios as suggested by _________

AF. __________ an index that relates two accounting numbers which is obtained by dividing one number by the other. It is a relationship between two accounting figures expressed mathematically

AG. ________ratio helps in measuring the relationship between sales and operating profits.

AH. Balance sheet, notes to the account and profit and loss account are components of the ________

AI. _________ are ratios that measure the extent to which a firm has been financed by debt and its ability to meet interest and other fixed charges obligations.

AJ. Errors, alterations and embezzlement are examples of __________

AK. _________ ratio helps in measuring the relationship between sales and operating profits.

AL. Interim and balance sheet are examples of _________

AM. _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period

AN. _________ is the formula for calculating operating cash flow (OCF)

AO. _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls

AP. ________is not an objective of internal control system.

AQ. The primary purpose of the current ratios is to measure a firm’s _______

AR. The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________

AS. _________shows the way in which financial goals are to be achieved by a financial manager.

AT. ___________is a measure of the impacts of inflation to replacement costs of the assets of a firm, with rising price (i.e. inflation)book values understates replacement cost

AU. ________is the ratio that is used to determine the return accruing to each share

AV. Ratios that measure the effectiveness with which a firm is using its resources are called __________

AW. Performance is an essential feature of _________

AX. _________audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared