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