ACC210
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A. _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives
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B. The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________
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C. ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity.
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D. _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period
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E. _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to management
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F. _____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.
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G. The federal audit department grew from __________
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H. Balance sheet, notes to the account and profit and loss account are components of the ________
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I. _________ 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.
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J. The primary purpose of the current ratios is to measure a firm’s _______
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K. ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor
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L. ________by nature can be classified into internal, private and statutory audit
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M. Performance is an essential feature of _________
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N. _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls
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O. ___________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
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P. ________is an audit that is restricted to some segments of the unit's financial transactions
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Q. current asset turnover is an examples of ______ ratios
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R. 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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S. when financial ratios of a firm over a period of time are compared is known as ________
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T. _________audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared
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U. To ensure the performance of the organization is an objective of ________system.
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V. Interim and balance sheet are examples of _________
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W. One of the following is not a current liability
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X. The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________
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Y. One of the following is not an essential feature of internal control
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Z. _________ ratio helps in measuring the relationship between sales and operating profits.
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AA. ________is not an objective of internal control system.
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AB. _________is the ratio that is used to determine the return accruing to each share
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AC. The basic components of internal control are all of the following except ______
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AD. Auditing accounts should be properly prepared and in accordance with the provisions of _______
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AE. Errors, alterations and embezzlement are examples of __________
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AF. __________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
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AG. ________is the ratio that is used to determine the return accruing to each share
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AH. In Nigeria, the institutions of Public auditors was established in ______
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AI. The standards of comparison of ratios as suggested by _________
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AJ. _________ is when financial ratios of a firm over a period of time are compared
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AK. _________ is essentially an attitude of the mind characterized by integrity and objective approach to professional work
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AL. From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______
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AM. _________shows the way in which financial goals are to be achieved by a financial manager.
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AN. Ratios that measure the effectiveness with which a firm is using its resources are called __________
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AO. The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios
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AP. Accounts receivable is an example of __________
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AQ. The growth of audit in the private sectors arose as a result of the formation of _________
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AR. _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members
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AS. __________ 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
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AT. _________ is the formula for calculating operating cash flow (OCF)
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AU. ________ 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
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AV. ________ratio helps in measuring the relationship between sales and operating profits.
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AW. The primary purpose of the current ratios is to measure a firm’s_________
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AX. _________ ratio that shows profits relative to sales after the direct production costs are deducted
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AY. The Auditor must consider and report on the following except _______
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AZ. _________ are future ratios that can be developed from projected financial statement
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BA. ________ ratios are classified into leverage, activity and liquidity ratios
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