ATTENTION:
Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.
Good luck!
ACC203
1 / 50
The beginning of accounting was _______
2 / 50
Accounting should include enough facts and _____to satisfy the need of the users.
3 / 50
The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science.
4 / 50
Which of the following is not a nature of accounting?
5 / 50
In business, __________ refers to the process of allocating funds to meet the needs of your business.Â
6 / 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.
7 / 50
Accounting is used to ________the financial performance of an organisation
8 / 50
To investigate the adequacy of tax paid by organisations, government engages the services of..........
9 / 50
Every business organisation is expected to keep its __________accurately and in an orderly manner.
10 / 50
Cost accounting helps organisation in controlling and _______their costs.
11 / 50
In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events.
12 / 50
Accounting requires the acquisition of a specialized knowledge over a given period of time which involves the combination of_________
13 / 50
Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users.
14 / 50
N.
The left side of a cash book is called_____________________
15 / 50
Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations.
16 / 50
Accounting report should be prepared in a way that allows for quick and easy ________from one period to another.
17 / 50
Good accounting information should be ...........to the purpose for which it is prepared.
18 / 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.
19 / 50
The total of goods returned to supplier from the purchases returns day book is transferred to the ............of the returns outwards account.
20 / 50
To find out the cost of goods produced or services rendered in an organisation we need...............
21 / 50
When liabilities value reduces, the liabilities account should be___________.
22 / 50
The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants.
23 / 50
Accounting as a form of knowledge and profession consist of different branches except...................
24 / 50
Financial accounting is also used to determine the _________of an organisation which shows the company's assets and liabilities at a particular date.
25 / 50
Without the accountants, financial statements will not make any ______to many people.
26 / 50
The owner of a business is referred to as __________
27 / 50
The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public.
28 / 50
One of the following is not a direct user of accounting information
29 / 50
Utility is the satisfaction derived from consuming a particular product or accepting a service.
30 / 50
Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide.
31 / 50
To safeguard the assets of an organisation, an Accountant employs one of the following.............
32 / 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.
33 / 50
For financial statements to make meaning to many people, one of the following must be prepared by an accountant.
34 / 50
Business documents that confirm the occurrence of financial transaction between two or more parties are called.......
35 / 50
Shareholders are the _______of a company and they are interested in the performance of the company
36 / 50
The owner of the business is referred to as an ___________
37 / 50
The sole proprietorship business is also referred to as a __________
38 / 50
Accounting does not have ________ products that can be bought and sold like the manufacturing companies.
39 / 50
Accounting is a ________because is a means of communicating business information.
40 / 50
The accounting report should be ...........enough to give the user full information with which decision could be reached.
41 / 50
Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor.
42 / 50
Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation.
43 / 50
The earliest known originator of book keeping system was ................
44 / 50
Financial accounting is prepared on ___________
45 / 50
Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised.
46 / 50
Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations.
47 / 50
Accounting is a _________because it follows a systematic and organised body of knowledge.
48 / 50
Sales represents total of all credit and cash sales made to a ___________
49 / 50
Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund.
50 / 50
Financial accounting is also used to determine the ..........of an organisation
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