Category: ACC203



1 / 50

Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund.

2 / 50

 In business, __________ refers to the process of allocating funds to meet the needs of your business. 

3 / 50

Bank reconciliation is the process of making the balance on the bank column of a cash book to _____with the balance on the bank statement received from the bank. 

4 / 50

Utility is the satisfaction derived from consuming a particular product or accepting a service.

5 / 50

Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations.

6 / 50

Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users. 

7 / 50

Accounting is used to ________the financial performance of an organisation

8 / 50

Every business organisation is expected to keep its __________accurately and in an orderly manner. 

9 / 50

 Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations.

10 / 50

Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor.

11 / 50

Accounting should include enough facts and _____to satisfy the need of the users. 

12 / 50

Without the accountants, financial statements will not make any ______to many people. 

13 / 50

Financial accounting is also used to determine the _________of an organisation which shows the company's assets and liabilities at a particular date.

14 / 50

 Accounting as a form of knowledge and profession consist of different branches except...................

15 / 50

Financial accounting is prepared on ___________

16 / 50

Shareholders are the _______of a company and they are interested in the performance of the company

17 / 50

The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science. 

18 / 50

 Accounting consists of the process in designing and operating an efficient accounting information system for collection, recording, measuring, summarising, analysing and __________the results of financial transactions for a particular period to users of financial information for them to make informed decisions. 

19 / 50

The government is interested in accounting information to determine the company income tax to be paid, _______with government rules and regulations governing the operation of the business. 

20 / 50

In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events. 

21 / 50

For financial statements to make meaning to many people, one of the following must be prepared by an accountant. 

22 / 50

Sales represents total of all credit and cash sales made to a ___________

23 / 50

Business documents that confirm the occurrence of financial transaction between two or more parties are called.......

24 / 50

The earliest known originator of book keeping system was ................

25 / 50

Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised.

26 / 50

Accounting report should be prepared in a way that allows for quick and easy ________from one period to another. 

27 / 50

 Accounting is a ________because is a means of communicating business information.

28 / 50

 Good accounting information should be ...........to the purpose for which it is prepared.

29 / 50

Accounting is a _________because it follows a systematic and organised body of knowledge.

30 / 50

One of the following is not a direct user of accounting information

31 / 50

Accounting requires the acquisition of a specialized knowledge over a given period of time which involves the combination of_________

32 / 50

Cost accounting helps organisation in controlling and _______their costs.

33 / 50

The total of goods returned to supplier from the purchases returns day book is transferred to the ............of the returns outwards account.

34 / 50

Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide. 

35 / 50

The sole proprietorship business  is also referred to as a __________

36 / 50


 The left side of a cash book is called_____________________

37 / 50

 Accounting does not have ________ products that can be bought and sold like the manufacturing companies.

38 / 50

Which of the following is not a nature of accounting? 


39 / 50

To find out the cost of goods produced or services rendered in an organisation we need...............

40 / 50

Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation.

41 / 50

To investigate the adequacy of tax paid by organisations, government engages the services of.......... 

42 / 50

The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public.  

43 / 50

To safeguard the assets of an organisation, an Accountant employs one of the following.............

44 / 50

The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants. 

45 / 50

The beginning of accounting was _______

46 / 50

The owner of the business is referred to as an  ___________

47 / 50

The accounting report should be ...........enough to give the user full information with which decision could be reached.

48 / 50

When liabilities value reduces, the liabilities account should be___________.

49 / 50

The owner of a business is referred to as __________

50 / 50

Financial accounting is also used to determine the ..........of an organisation 

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