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Category: ACC210

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ACC210

1 / 50

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

2 / 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

3 / 50

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

4 / 50

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

5 / 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.

6 / 50

current asset turnover is an examples of ______ ratios

7 / 50

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

8 / 50

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

9 / 50

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

10 / 50

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

11 / 50

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

12 / 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

13 / 50

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

14 / 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

15 / 50

Accounts receivable is an example of __________

16 / 50

One of the following is not a current liability

17 / 50

Performance is an essential feature of _________

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

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

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________is not an objective of internal control system.

21 / 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.

22 / 50

The standards of comparison of ratios as suggested by _________

23 / 50

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

24 / 50

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

25 / 50

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

26 / 50

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

27 / 50

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

28 / 50

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

29 / 50

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

30 / 50

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

31 / 50

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

32 / 50

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

33 / 50

Errors, alterations and embezzlement are examples of __________

34 / 50

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

35 / 50

Interim and balance sheet are examples of _________

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

37 / 50

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

38 / 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

39 / 50

The federal audit department grew from __________

40 / 50

________ ratios are classified into leverage, activity and liquidity ratios

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

42 / 50

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

43 / 50

The Auditor must consider and report on the following except _______

44 / 50

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

45 / 50

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

46 / 50

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

47 / 50

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

48 / 50

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

49 / 50

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

50 / 50

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

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