ACC210




Category: ACC210

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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. __________ 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

2 / 50

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

3 / 50

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

4 / 50

D. Interim and balance sheet are examples of _________

5 / 50

E. Errors, alterations and embezzlement are examples of __________

6 / 50

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

7 / 50

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

8 / 50

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

9 / 50

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

10 / 50

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

11 / 50

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

12 / 50

L. 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 ________

13 / 50

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

14 / 50

N. ________is not an objective of internal control system.

15 / 50

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

16 / 50

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

17 / 50

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

18 / 50

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

19 / 50

S. ___________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

20 / 50

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

21 / 50

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

22 / 50

V. _________ 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.

23 / 50

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

24 / 50

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

25 / 50

Y. __________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

26 / 50

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

27 / 50

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

28 / 50

AB. One of the following is not a current liability

29 / 50

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

30 / 50

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

31 / 50

AE. The federal audit department grew from __________

32 / 50

AF. Accounts receivable is an example of __________

33 / 50

AG. ________ 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

34 / 50

AH. Performance is an essential feature of _________

35 / 50

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

36 / 50

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

37 / 50

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

38 / 50

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

39 / 50

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

40 / 50

AN. current asset turnover is an examples of ______ ratios

41 / 50

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

42 / 50

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

43 / 50

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

44 / 50

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

45 / 50

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

46 / 50

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

47 / 50

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

48 / 50

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.

49 / 50

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

50 / 50

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

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