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

2 / 50

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

3 / 50

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

1. ICAN

2. ANAN

3. NDIC

4. CIBN

4 / 50

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

5 / 50

E. ___________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

6 / 50

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

1. ANAN

2. ICAN

3. CIBN

4. CAMA

7 / 50

G. Performance is an essential feature of _________

8 / 50

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

9 / 50

I. __________ 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

10 / 50

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

11 / 50

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

12 / 50

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

1. an asset manager

2. an Auditor

3. a Risk Manager

4. a Director

13 / 50

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

14 / 50

N. 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 ________

15 / 50

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

16 / 50

P. __________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

17 / 50

Q. One of the following is not a current liability

1. Creditors

2. Current liabilities

3. Accounts payable

4. Accounts receivable

18 / 50

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

1. Profit Margin

2. Leverage ratio

3. Gross Profit Margin

4. Quick or Acid Test Ratio

19 / 50

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

20 / 50

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

1. internal audit

2. external audit

3. physical control

4. segregation

21 / 50

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

22 / 50

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

1. Colonial audit

2. Financial Director

3. Chief accountant

4. Director of audit

23 / 50

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

24 / 50

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

25 / 50

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

26 / 50

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

1. a right to vote and be voted for

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

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

27 / 50

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

1. use of debt

2. effectiveness

3. liquidity

4. profitability ratios

28 / 50

AB. ________is not an objective of internal control system.

1. to ensure adherence to management policies

2. to ensure accurate and reliable records

3. to safeguard the company's assets

4. to ensure the performance of the organisation

29 / 50

AC. Interim and balance sheet are examples of _________

30 / 50

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

31 / 50

AE. Errors, alterations and embezzlement are examples of __________

32 / 50

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

33 / 50

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

34 / 50

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

1. Financial management

2. Financial control

3. Financial planning

4. Financial analysis

35 / 50

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.

36 / 50

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

37 / 50

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

1. Limited audit

2. General audit

3. Post audit

4. Operational audit

38 / 50

AL. ________ 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

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 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

41 / 50

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

42 / 50

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

1. details of assets and liabilities

2. statement of stock and supporting stocktaking schedule

3. details of debtors and Creditors

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

43 / 50

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

44 / 50

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

1. 1878

2. 1888

3. 1890

4. 1868

45 / 50

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

1. General audit

2. Operational audit

3. Complete audit

4. Post audit

46 / 50

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

47 / 50

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

1. Dividends per Share

2. Dividend – Payout Ratio

3. Earnings per share

4. Dividend Yield

48 / 50

AV. ________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

49 / 50

AW. Accounts receivable is an example of __________

50 / 50

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

1. pro-forma analysis

2. time series analysis

3. gross profit analysis

4. cross sectional analysis

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