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