ACC203




Category: ACC203

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ACC203

1 / 50

A.
Sales represents total of all credit and cash sales made to a ___________


2 / 50

B.
 Good accounting information should be ...........to the purpose for which it is prepared.

3 / 50

C.
The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science. 


4 / 50

D.
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. 


5 / 50

E.
Business documents that confirm the occurrence of financial transaction between two or more parties are called.......


6 / 50

F.
Accounting should include enough facts and _____to satisfy the need of the users. 


7 / 50

G.
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. 


8 / 50

H.
Cost accounting helps organisation in controlling and _______their costs.

9 / 50

I.
Accounting requires the acquisition of a specialized knowledge over a given period of time which involves the combination of_________


10 / 50

J.
The beginning of accounting was _______


11 / 50

K.
Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations.

12 / 50

L.
Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide. 


13 / 50

M.
To investigate the adequacy of tax paid by organisations, government engages the services of.......... 

14 / 50

N.
Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation.


15 / 50

O.
 In business, __________ refers to the process of allocating funds to meet the needs of your business. 


16 / 50

P.
 Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations.

17 / 50

Q.
Without the accountants, financial statements will not make any ______to many people. 

18 / 50

R.
The accounting report should be ...........enough to give the user full information with which decision could be reached.


19 / 50

S.
Shareholders are the _______of a company and they are interested in the performance of the company


20 / 50

T.
Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund.


21 / 50

U.
 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. 


22 / 50

V.
Accounting report should be prepared in a way that allows for quick and easy ________from one period to another. 


23 / 50

W.
The earliest known originator of book keeping system was ................


24 / 50

X.
The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants. 


25 / 50

Y.
Financial accounting is also used to determine the ..........of an organisation 

26 / 50

Z.
The total of goods returned to supplier from the purchases returns day book is transferred to the ............of the returns outwards account.


27 / 50

AA.
In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events. 


28 / 50

AB.
Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor.


29 / 50

AC.
Financial accounting is prepared on ___________


30 / 50

AD.
The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public.  


31 / 50

AE.
Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised.


32 / 50

AF.
The owner of a business is referred to as __________

33 / 50

AG.
Financial accounting is also used to determine the _________of an organisation which shows the company's assets and liabilities at a particular date.


34 / 50

AH.
To find out the cost of goods produced or services rendered in an organisation we need...............

35 / 50

AI.
Which of the following is not a nature of accounting? 

36 / 50

AJ.
Utility is the satisfaction derived from consuming a particular product or accepting a service.


37 / 50

AK.
 Accounting does not have ________ products that can be bought and sold like the manufacturing companies.


38 / 50

AL.
To safeguard the assets of an organisation, an Accountant employs one of the following.............


39 / 50

AM.
Every business organisation is expected to keep its __________accurately and in an orderly manner. 


40 / 50

AN.
When liabilities value reduces, the liabilities account should be___________.


41 / 50

AO.
 Accounting is a ________because is a means of communicating business information.


42 / 50

AP.
Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users. 


43 / 50

AQ.
Accounting is used to ________the financial performance of an organisation


44 / 50

AR.
Accounting is a _________because it follows a systematic and organised body of knowledge.


45 / 50

AS.
One of the following is not a direct user of accounting information


46 / 50

AT.
The sole proprietorship business  is also referred to as a __________


47 / 50

AU.
The owner of the business is referred to as an  ___________


48 / 50

AV.
For financial statements to make meaning to many people, one of the following must be prepared by an accountant. 


49 / 50

AW.  

 The left side of a cash book is called_____________________


50 / 50

AX.
 Accounting as a form of knowledge and profession consist of different branches except...................


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