ACC210

A. The Auditor must consider and report on the following except _______

B. The standards of comparison of ratios as suggested by _________

C. _________ is the formula for calculating operating cash flow (OCF)

D. The primary purpose of the current ratios is to measure a firm’s_________

E. _________is the ratio that is used to determine the return accruing to each share

F. Balance sheet, notes to the account and profit and loss account are components of the ________

G. when financial ratios of a firm over a period of time are compared is known as ________

H. The growth of audit in the private sectors arose as a result of the formation of _________

I. Errors, alterations and embezzlement are examples of __________

J. The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________

K. _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives

L. _________shows the way in which financial goals are to be achieved by a financial manager.

M. ___________is a measure of the impacts of inflation to replacement costs of the assets of a firm, with rising price (i.e. inflation)book values understates replacement cost

N. ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor

O. _____is a process of examining and reviewing accounting transactions in order to ensure the financial statement presents the financial position of the firm fairly, at a particular period.

P. The federal audit department grew from __________

Q. _________ ratio that shows profits relative to sales after the direct production costs are deducted

R. ________ audit is when all items appearing in the balance sheet are being verified by tracing each item at a time to confirm that the items actually exist

S. Auditing accounts should be properly prepared and in accordance with the provisions of _______

T. _________ is essentially an attitude of the mind characterized by integrity and objective approach to professional work

U. ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity.

V. ________is the ratio that is used to determine the return accruing to each share

W. _________ are future ratios that can be developed from projected financial statement

X. ________by nature can be classified into internal, private and statutory audit

Y. Interim and balance sheet are examples of _________

Z. _________ are ratios that measure the extent to which a firm has been financed by debt and its ability to meet interest and other fixed charges obligations.

AA. _________ ratio helps in measuring the relationship between sales and operating profits.

AB. __________ an index that relates two accounting numbers which is obtained by dividing one number by the other. It is a relationship between two accounting figures expressed mathematically

AC. One of the following is not an essential feature of internal control

AD. _________audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared

AE. Accounts receivable is an example of __________

AF. From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______

AG. The primary purpose of the current ratios is to measure a firm’s _______

AH. Ratios that measure the effectiveness with which a firm is using its resources are called __________

AI. _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls

AJ. Performance is an essential feature of _________

AK. To ensure the performance of the organization is an objective of ________system.

AL. ________ratio helps in measuring the relationship between sales and operating profits.

AM. The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________

AN. ________is an audit that is restricted to some segments of the unit's financial transactions

AO. _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to  management

AP. ________ ratios are classified into leverage, activity and liquidity ratios

AQ. _________ is when financial ratios of a firm over a period of time are compared

AR. The basic components of internal control are all of the following except ______

AS. A way of comparing ratios of one firm with some selected firms in the same industry at the same point in time is known as ________

AT. __________is when an auditor respects the information of his client and does not disclose such information to the third party without permission from his client

AU. In Nigeria, the institutions of Public auditors was established in ______

AV. _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period

AW. current asset turnover is an examples of ______ ratios

AX. One of the following is not a current liability