Category: ACC210 0 ACC210 1 / 50 _________ ratio helps in measuring the relationship between sales and operating profits. Check 2 / 50 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 ________ Check 3 / 50 _____refers to an internal audit, whose purpose is to assess management's effectiveness in achieving the organisational goals and objectives General audit Operational audit Complete audit Post audit 4 / 50 ________is an audit that is restricted to some segments of the unit's financial transactions Operational audit General audit Limited audit Special audit 5 / 50 _________ 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. Check 6 / 50 _________ ratio that shows profits relative to sales after the direct production costs are deducted Check 7 / 50 _________ is a managerial control which functions by measuring and evaluating the effectiveness of other controls Check 8 / 50 _________ is when financial ratios of a firm over a period of time are compared pro-forma analysis cross sectional analysis gross profit analysis time series analysis 9 / 50 The standards of comparison of ratios as suggested by _________ Check 10 / 50 ________ 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 Check 11 / 50 _______is an independent appraisal activity within an organisation for the review of accounting, financial and other controls as a basis of service to management Check 12 / 50 __________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 Check 13 / 50 Errors, alterations and embezzlement are examples of __________ Check 14 / 50 The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________ shall be entitled to attend any general meeting of the company right of access at all times to books and vouchers of the company a right to vote and be voted for he shall be entitled to require from the officers of the company such information and explanation as he thinks necessary 15 / 50 current asset turnover is an examples of ______ ratios Check 16 / 50 _____audit covers all financial transactions and records of a government unit, and is made after the close of financial period Limited audit General audit Operational audit Post audit 17 / 50 The growth of audit in the private sectors arose as a result of the formation of _________ NDIC ICAN CIBN ANAN 18 / 50 ___________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 Check 19 / 50 One of the following is not an essential feature of internal control custody recording authorization performance 20 / 50 _________ is essentially an attitude of the mind characterized by integrity and objective approach to professional work Check 21 / 50 In Nigeria, the institutions of Public auditors was established in ______ 1890 1868 1888 1878 22 / 50 The solution to the problem of credibility in reports and accounts lies in appointing an independent person, called ________ a Director a Risk Manager an Auditor an asset manager 23 / 50 ________is a statutory obligation for the accounts of every limited liability company to be audited annually by a professionally qualified auditor Check 24 / 50 ________ratio helps in measuring the relationship between sales and operating profits. Quick or Acid Test Ratio Profit Margin Gross Profit Margin Leverage ratio 25 / 50 _______ is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members Check 26 / 50 The standards of comparison of ratios as suggested by _________(1998) and many other experts in finance are financial ratios Check 27 / 50 ________by nature can be classified into internal, private and statutory audit Check 28 / 50 _________is the ratio that is used to determine the return accruing to each share Check 29 / 50 _________ is the formula for calculating operating cash flow (OCF) Check 30 / 50 ___________ is a more conservative measure of liquidity that excludes inventory (stocks) from the current assets in the determination of liquidity. Check 31 / 50 when financial ratios of a firm over a period of time are compared is known as ________ Check 32 / 50 Ratios that measure the effectiveness with which a firm is using its resources are called __________ Check 33 / 50 __________ 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 Check 34 / 50 The Auditor must consider and report on the following except _______ statement of stock and supporting stocktaking schedule day-to-day payments and receipts of cash details of assets and liabilities details of debtors and Creditors 35 / 50 Interim and balance sheet are examples of _________ Check 36 / 50 _________ are future ratios that can be developed from projected financial statement Check 37 / 50 ________is not an objective of internal control system. to ensure adherence to management policies to ensure accurate and reliable records to ensure the performance of the organisation to safeguard the company's assets 38 / 50 The federal audit department grew from __________ Auditor General's department Colonial audit department Accountant General's department Controller of audit department 39 / 50 Auditing accounts should be properly prepared and in accordance with the provisions of _______ ICAN CIBN ANAN CAMA 40 / 50 One of the following is not a current liability Accounts payable Creditors Accounts receivable Current liabilities 41 / 50 Balance sheet, notes to the account and profit and loss account are components of the ________ Check 42 / 50 Accounts receivable is an example of __________ Check 43 / 50 The primary purpose of the current ratios is to measure a firm’s _______ Check 44 / 50 The basic components of internal control are all of the following except ______ physical control internal audit segregation external audit 45 / 50 The primary purpose of the current ratios is to measure a firm’s_________ profitability ratios liquidity effectiveness use of debt 46 / 50 ________is the ratio that is used to determine the return accruing to each share Dividend – Payout Ratio Dividends per Share Dividend Yield Earnings per share 47 / 50 To ensure the performance of the organization is an objective of ________system. Check 48 / 50 _____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. Investment Management Financing decision Internal control Auditing 49 / 50 _________shows the way in which financial goals are to be achieved by a financial manager. Financial analysis Financial planning Financial control Financial management 50 / 50 ________ ratios are classified into leverage, activity and liquidity ratios Check Restart quiz Rate this quiz Send feedback
