ACC210

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

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

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

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

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

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.

G. The federal audit department grew from __________

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

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.

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

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

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

M. Performance is an essential feature of _________

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

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

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

Q. current asset turnover is an examples of ______ ratios

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 ________

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

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

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

V. Interim and balance sheet are examples of _________

W. One of the following is not a current liability

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

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

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

AA. ________is not an objective of internal control system.

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

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

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

AE. Errors, alterations and embezzlement are examples of __________

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

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

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

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

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

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

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

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

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

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

AP. Accounts receivable is an example of __________

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

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

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

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

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

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

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

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

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

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

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