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