ATTENTION:
Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.
Good luck!
ACC210
1 / 50
A. _________ 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.
2 / 50
B. __________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
3 / 50
C. ________is an audit that is restricted to some segments of the unit's financial transactions
4 / 50
D. Accounts receivable is an example of __________
5 / 50
E. 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 ________
6 / 50
F. __________ 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
7 / 50
G. _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to management
8 / 50
H. Auditing accounts should be properly prepared and in accordance with the provisions of _______
9 / 50
I. _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members
10 / 50
J. To ensure the performance of the organization is an objective of ________system.
11 / 50
K. _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period
12 / 50
L. _________shows the way in which financial goals are to be achieved by a financial manager.
13 / 50
M. _____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.
14 / 50
N. The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________
15 / 50
O. In Nigeria, the institutions of Public auditors was established in ______
16 / 50
P. Balance sheet, notes to the account and profit and loss account are components of the ________
17 / 50
Q. ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity.
18 / 50
R. The growth of audit in the private sectors arose as a result of the formation of _________
19 / 50
S. when financial ratios of a firm over a period of time are compared is known as ________
20 / 50
T. The primary purpose of the current ratios is to measure a firm’s _______
21 / 50
U. The Auditor must consider and report on the following except _______
22 / 50
V. One of the following is not an essential feature of internal control
23 / 50
W. One of the following is not a current liability
24 / 50
X. _________ ratio that shows profits relative to sales after the direct production costs are deducted
25 / 50
Y. _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls
26 / 50
Z. From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______
27 / 50
AA. Ratios that measure the effectiveness with which a firm is using its resources are called __________
28 / 50
AB. The standards of comparison of ratios as suggested by _________
29 / 50
AC. Errors, alterations and embezzlement are examples of __________
30 / 50
AD. The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________
31 / 50
AE. The basic components of internal control are all of the following except ______
32 / 50
AF. _________ ratio helps in measuring the relationship between sales and operating profits.
33 / 50
AG. ________ 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
34 / 50
AH. _________ are future ratios that can be developed from projected financial statement
35 / 50
AI. ________is the ratio that is used to determine the return accruing to each share
36 / 50
AJ. ________by nature can be classified into internal, private and statutory audit
37 / 50
AK. The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios
38 / 50
AL. _________is the ratio that is used to determine the return accruing to each share
39 / 50
AM. _________ is the formula for calculating operating cash flow (OCF)
40 / 50
AN. ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor
41 / 50
AO. ________is not an objective of internal control system.
42 / 50
AP. ________ratio helps in measuring the relationship between sales and operating profits.
43 / 50
AQ. The federal audit department grew from __________
44 / 50
AR. _________audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared
45 / 50
AS. current asset turnover is an examples of ______ ratios
46 / 50
AT. The primary purpose of the current ratios is to measure a firm’s_________
47 / 50
AU. _________ is when financial ratios of a firm over a period of time are compared
48 / 50
AV. ___________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
49 / 50
AW. Performance is an essential feature of _________
50 / 50
AX. _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives
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