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!
ACC210
1 / 50
A. _________ ratio helps in measuring the relationship between sales and operating profits.
2 / 50
B. The Auditor must consider and report on the following except _______
3 / 50
C. current asset turnover is an examples of ______ ratios
4 / 50
D. ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity.
5 / 50
E. One of the following is not a current liability
6 / 50
F. _________ are future ratios that can be developed from projected financial statement
7 / 50
G. ________ 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
8 / 50
H. _________ is essentially an attitude of the mind characterized by integrity and objective approach to professional work
9 / 50
I. The primary purpose of the current ratios is to measure a firm’s _______
10 / 50
J. The primary purpose of the current ratios is to measure a firm’s_________
11 / 50
K. The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios
12 / 50
L. Errors, alterations and embezzlement are examples of __________
13 / 50
M. The basic components of internal control are all of the following except ______
14 / 50
N. _________audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared
15 / 50
O. The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________
16 / 50
P. To ensure the performance of the organization is an objective of ________system.
17 / 50
Q. _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls
18 / 50
R. In Nigeria, the institutions of Public auditors was established in ______
19 / 50
S. _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives
20 / 50
T. ___________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
21 / 50
U. ________ratio helps in measuring the relationship between sales and operating profits.
22 / 50
V. 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 ________
23 / 50
W. One of the following is not an essential feature of internal control
24 / 50
X. _________shows the way in which financial goals are to be achieved by a financial manager.
25 / 50
Y. ________is the ratio that is used to determine the return accruing to each share
26 / 50
Z. The growth of audit in the private sectors arose as a result of the formation of _________
27 / 50
AA. _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to management
28 / 50
AB. ________ ratios are classified into leverage, activity and liquidity ratios
29 / 50
AC. _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members
30 / 50
AD. _________ is when financial ratios of a firm over a period of time are compared
31 / 50
AE. ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor
32 / 50
AF. From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______
33 / 50
AG. _____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.
34 / 50
AH. _________ ratio that shows profits relative to sales after the direct production costs are deducted
35 / 50
AI. Balance sheet, notes to the account and profit and loss account are components of the ________
36 / 50
AJ. _________is the ratio that is used to determine the return accruing to each share
37 / 50
AK. The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________
38 / 50
AL. Performance is an essential feature of _________
39 / 50
AM. __________ 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
40 / 50
AN. The federal audit department grew from __________
41 / 50
AO. Auditing accounts should be properly prepared and in accordance with the provisions of _______
42 / 50
AP. Ratios that measure the effectiveness with which a firm is using its resources are called __________
43 / 50
AQ. _________ 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.
44 / 50
AR. _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period
45 / 50
AS. Interim and balance sheet are examples of _________
46 / 50
AT. ________is an audit that is restricted to some segments of the unit's financial transactions
47 / 50
AU. ________is not an objective of internal control system.
48 / 50
AV. when financial ratios of a firm over a period of time are compared is known as ________
49 / 50
AW. Accounts receivable is an example of __________
50 / 50
AX. The standards of comparison of ratios as suggested by _________
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