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Category: ACC102

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ACC102

1 / 50

The main statutory document for the regulation of business in Nigeria is the __________


2 / 50

------- are financial obligations against the company that are not due for repayment within one year.


3 / 50

 ---------- is used to record the purchase on credit of goods for resale.


4 / 50

-------- concept allows a user to assume that all the transactions in an entity’s financial statements reflect the actual cost price billed, or revenue charged, for items.


5 / 50

Prime cost and Overheads is equal to _________


6 / 50

Motor tax on the truck and lorry can be classified as__________

7 / 50

Credit transactions not relating to goods for resale (or services) are recorded in _________________

8 / 50

 --------- is a set of numbers and codes that define each account head and also differentiate between classes of accounts.


9 / 50

Book-keeping is the ______of accounting


10 / 50

Costs may be classified in numerous ways, but a fundamental and important method of classification is into:____________

11 / 50

The underlying purpose of accounting isto provide financial information about an economic __________

12 / 50

_____________ is a reduction in the amount that the customer has to pay, provided payment is made within a given period stipulated by the seller at the time of sale.


13 / 50

----------- is an accounting process that starts with bookkeeping and ends with the preparation and interpretation of financial statements.


14 / 50

An accounting concept in which assets will always equal liabilities plus owners' capital is called_________


15 / 50

-------- are generally referred to as the unsold portion of goods held for resale.

16 / 50

________can be defined as a tangible or intangible resource that is owned or controlled by an accounting entity, and which is expected to generate future economic benefits. 
 

17 / 50

In an organisation, who needs a variety of information to plan, to control and to make decisions?


18 / 50

 

The main statutory document for the regulation of business in Nigeria is the --------


19 / 50

---------- enable some companies to use different accounting software for the financial records, but some organisation still prefer the manual system for one reason or the other.


20 / 50

A form of payment that is convenient and safe is __________


21 / 50

--------- is a summary of customers or suppliers ledger in total.


22 / 50

 ------- are amounts provided to allow for liabilities that are anticipated but not yet quantified precisely, or for reductions in asset values.


23 / 50

 _______expenditure will have no value at the end of the period to which it relates.


24 / 50

------- refers to the assumption that in the measurement of profit, costsshould be set against the revenue that they generate at the time when they arise.


25 / 50

-------- is sent by the seller if the buyer has been undercharged on the invoice. It has basically the same layout and information as the invoice except that instead of details of the goods, it shows details of the undercharge.


26 / 50

----------- uses a predetermined rate set by the entity as management for the purpose of calculating the cost of sales and inventory.


27 / 50

------------ is the collection of cost data in some organized ways by means of an accounting system.


28 / 50

--------- assumes that when accounting for transactions the preparer should look at the economic substance of a transaction, not its legal form.


29 / 50

_______can be defined as broad basic assumptions that underlie the periodic financial statements of business enterprises.


30 / 50

--------- is the assumption that an entity will continue in operational existence for the foreseeable future.


31 / 50

A --------- is cheaper to install in terms of cost when compared with a computerized system of maintaining financial records.


32 / 50

Accounting information should possess the following qualities before users can rely on it, except


33 / 50

------- can be defined as a legal obligation to transfer assets or provide services to another entity that arises from some past transaction or event


34 / 50

The ________is the assumption that an entity will continue in operational existence for the foreseeable future.

35 / 50

The method of valuing inventory that uses a predetermined rate set by the entity as management for the purpose of calculating the cost of sales and inventory is _____________


36 / 50

What is the process of making the balance on the bank column of a cash book to agree with the balance on the bank statement received from the bank?


37 / 50

---------- are non-distributable reserves that are retained to comply with certain laws or for accounting requirement.


38 / 50

One of these is not a common method of valuing inventory. 


39 / 50

---------- are payments made directly by the bank as a result of previous instructions given by the customer to the bank.


40 / 50

-------- can be defined as a tangible or intangible resource that is owned or controlled by an accounting entity, and which is expected to generate future economic benefits.


41 / 50

The accounting process that starts with bookkeeping and ends with the preparation and interpretation of financial statements is called __________


42 / 50

---------- are ownership interests a company has in another organisation.

43 / 50

Book-keeping by Lucia Pacioli, an Italian monk was published in____


44 / 50

 ---------- refers to the keeping of accounting record by hand written of relevant posting in the books of accounts.


45 / 50

Error of ----------- occurs when a transaction is recorded with the wrong amount at the beginning of the recording process.


46 / 50

----------- is the classification and recording of business transactions in the books of account.


47 / 50

The assumption that the last batches of goods are considered to be sold first prior to earlier purchases is known as ___________


48 / 50

 ___________typically includes the cost of purchasing a non-current asset and the cost of improvements to a non- current asset that lead to increased revenue, or sustained revenue.


49 / 50

What may be defined as gathering of cost information and its attachment to cost objects, the establishment of budgets, standard costs and actual costs of operations, processes, activities or products; and the analysis of variances, profitability or the social use of funds?


50 / 50

--------- is a list of ledger account balances within a ledger, at a particular instance.

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