1 / 50
Accounting is a ________because is a means of communicating business information.
2 / 50
Bank reconciliation is the process of making the balance on the bank column of a cash book to _____with the balance on the bank statement received from the bank.
3 / 50
Accounting is used to ________the financial performance of an organisation
4 / 50
The government is interested in accounting information to determine the company income tax to be paid, _______with government rules and regulations governing the operation of the business.
5 / 50
Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised.
6 / 50
Accounting requires the acquisition of a specialized knowledge over a given period of time which involves the combination of_________
7 / 50
Which of the following is not a nature of accounting?
8 / 50
The left side of a cash book is called_____________________
9 / 50
Business documents that confirm the occurrence of financial transaction between two or more parties are called.......
10 / 50
The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants.
11 / 50
Without the accountants, financial statements will not make any ______to many people.
12 / 50
The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public.
13 / 50
Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations.
14 / 50
Utility is the satisfaction derived from consuming a particular product or accepting a service.
15 / 50
Cost accounting helps organisation in controlling and _______their costs.
16 / 50
Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users.
17 / 50
The sole proprietorship business is also referred to as a __________
18 / 50
One of the following is not a direct user of accounting information
19 / 50
Accounting as a form of knowledge and profession consist of different branches except...................
20 / 50
To safeguard the assets of an organisation, an Accountant employs one of the following.............
21 / 50
Financial accounting is also used to determine the ..........of an organisation
22 / 50
The beginning of accounting was _______
23 / 50
For financial statements to make meaning to many people, one of the following must be prepared by an accountant.
24 / 50
The total of goods returned to supplier from the purchases returns day book is transferred to the ............of the returns outwards account.
25 / 50
When liabilities value reduces, the liabilities account should be___________.
26 / 50
The owner of the business is referred to as an ___________
27 / 50
In business, __________ refers to the process of allocating funds to meet the needs of your business.Â
28 / 50
Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations.
29 / 50
Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor.
30 / 50
Accounting report should be prepared in a way that allows for quick and easy ________from one period to another.
31 / 50
Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide.
32 / 50
The owner of a business is referred to as __________
33 / 50
Accounting is a _________because it follows a systematic and organised body of knowledge.
34 / 50
Financial accounting is also used to determine the _________of an organisation which shows the company's assets and liabilities at a particular date.
35 / 50
In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events.
36 / 50
Accounting consists of the process in designing and operating an efficient accounting information system for collection, recording, measuring, summarising, analysing and __________the results of financial transactions for a particular period to users of financial information for them to make informed decisions.
37 / 50
Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation.
38 / 50
Shareholders are the _______of a company and they are interested in the performance of the company
39 / 50
Good accounting information should be ...........to the purpose for which it is prepared.
40 / 50
Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund.
41 / 50
Accounting does not have ________ products that can be bought and sold like the manufacturing companies.
42 / 50
The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science.
43 / 50
The earliest known originator of book keeping system was ................
44 / 50
Accounting should include enough facts and _____to satisfy the need of the users.
45 / 50
Every business organisation is expected to keep its __________accurately and in an orderly manner.
46 / 50
Financial accounting is prepared on ___________
47 / 50
The accounting report should be ...........enough to give the user full information with which decision could be reached.
48 / 50
Sales represents total of all credit and cash sales made to a ___________
49 / 50
To find out the cost of goods produced or services rendered in an organisation we need...............
50 / 50
To investigate the adequacy of tax paid by organisations, government engages the services of..........
Rate this quiz