ACC210

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

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

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

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

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

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

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

H. 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 ________

I. Errors, alterations and embezzlement are examples of __________

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

K. _________ 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.

L. Performance is an essential feature of _________

M. ________is not an objective of internal control system.

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

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

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

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

R. Interim and balance sheet are examples of _________

S. Accounts receivable is an example of __________

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

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

V. _____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.

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

X. One of the following is not a current liability

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

Z. The federal audit department grew from __________

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

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

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

AD. __________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

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

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

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

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

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

AJ. __________ 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

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

AL. ___________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

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

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

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

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

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

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

AS. current asset turnover is an examples of ______ ratios

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

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

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

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

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

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

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

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