ACC210

Category: ACC210

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

2 / 50

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

3 / 50

C. Interim and balance sheet are examples of _________

4 / 50

D. __________ 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

5 / 50

E. current asset turnover is an examples of ______ ratios

6 / 50

F. One of the following is not a current liability

1. Creditors

2. Accounts payable

3. Accounts receivable

4. Current liabilities

7 / 50

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

1. Limited audit

2. General audit

3. Operational audit

4. Special audit

8 / 50

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

9 / 50

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

10 / 50

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

1. 1890

2. 1878

3. 1888

4. 1868

11 / 50

K. __________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

12 / 50

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

1. authorization

2. recording

3. custody

4. performance

13 / 50

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

14 / 50

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

1. Financial planning

2. Financial control

3. Financial management

4. Financial analysis

15 / 50

O. _________ is essentially an attitude of the mind characterized by integrity and objective approach to professional work

16 / 50

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

1. time series analysis

2. pro-forma analysis

3. cross sectional analysis

4. gross profit analysis

17 / 50

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

1. internal audit

2. segregation

3. external audit

4. physical control

18 / 50

R. Errors, alterations and embezzlement are examples of __________

19 / 50

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

20 / 50

T. Accounts receivable is an example of __________

21 / 50

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

22 / 50

V. Performance is an essential feature of _________

23 / 50

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

24 / 50

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

1. Quick or Acid Test Ratio

2. Gross Profit Margin

3. Profit Margin

4. Leverage ratio

25 / 50

Y. ________ 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

26 / 50

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

1. Earnings per share

2. Dividend Yield

3. Dividend – Payout Ratio

4. Dividends per Share

27 / 50

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

1. ANAN

2. NDIC

3. CIBN

4. ICAN

28 / 50

AB. ___________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

29 / 50

AC. The federal audit department grew from __________

1. Colonial audit department

2. Accountant General's department

3. Auditor General's department

4. Controller of audit department

30 / 50

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

1. Post audit

2. General audit

3. Limited audit

4. Operational audit

31 / 50

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

32 / 50

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

33 / 50

AG. ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor

34 / 50

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

35 / 50

AI. _____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.

1. Investment Management

2. Financing decision

3. Internal control

4. Auditing

36 / 50

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

37 / 50

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

38 / 50

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

1. day-to-day payments and receipts of cash

2. details of debtors and Creditors

3. details of assets and liabilities

4. statement of stock and supporting stocktaking schedule

39 / 50

AM. The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios

40 / 50

AN. ________is not an objective of internal control system.

1. to ensure adherence to management policies

2. to ensure the performance of the organisation

3. to ensure accurate and reliable records

4. to safeguard the company's assets

41 / 50

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

42 / 50

AP. _________ 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.

43 / 50

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

1. use of debt

2. profitability ratios

3. liquidity

4. effectiveness

44 / 50

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

45 / 50

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

1. right of access at all times to books and vouchers of the company

2. a right to vote and be voted for

3. he shall be entitled to require from the officers of the company such information and explanation as he thinks necessary

4. shall be entitled to attend any general meeting of the company

46 / 50

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

47 / 50

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

1. ANAN

2. ICAN

3. CIBN

4. CAMA

48 / 50

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

1. Director of audit

2. Colonial audit

3. Financial Director

4. Chief accountant

49 / 50

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

1. Post audit

2. Operational audit

3. General audit

4. Complete audit

50 / 50

AX. 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 ________

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