ACC210

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

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

C. Interim and balance sheet are examples of _________

D. current asset turnover is an examples of ______ ratios

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

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

G. One of the following is not a current liability

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

I. _________ 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.

J. ________is not an objective of internal control system.

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

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

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

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

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

P. __________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

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

R. Accounts receivable is an example of __________

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

T. Performance is an essential feature of _________

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

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

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

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

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

Z. ___________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

AA. __________ 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

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

AC. _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members

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

AE. Errors, alterations and embezzlement are examples of __________

AF. ________ 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

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

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

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

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

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

AL. The federal audit department grew from __________

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

AN. The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios

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

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

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

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

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

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

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

AV. _____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.

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

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