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