Q2 errors, alterations and embezzlement are examples of
Q3
_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
Q4 Interim and balance sheet are examples of
Q5 is essentially an attitude of the mind characterised by integrity and objective approach to professional work
Q6 __and auditing are different in the areas of independence
Q7 Balance sheet, notes to the account and profit and loss account are components of the
Q8 is a managerial control which functions by measuring and evaluating the effectiveness of other controls
Q9 is the ability to apply knowledge to a particular engagement, supervise and evaluate the work performed by the staff members
Q10 __by nature can be classified into internal, private and statutory audit
Q11
__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
Q12 To ansure the performance of the organisationis an objective of __system.
Q13
__is an independent appraisal activity within an organisation for the
review of accounting, financial and other controls as a basis of service
to management
Q14 audit is a method where auditors have a predetermined period say monthly, quarterly, to audit the account being prepared
Q15
__is a statutory obligation for the accounts of every limited liability
company to be auditedannually by a professionally qualified auditor
Q16
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
Q17 is the formula for calculating operating cash flow (OCF)
Q18 Accounts receivable is an example of
Q19 __ratio helps in measuring the relationship between sales and operating profits.
Q20 The primary purpose of the current ratios is to measure a firm’s
Q21
_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.
Q22 The standards of comparison of ratios as suggested by _(1998) and many other experts in finance are financial ratios
Q23 ratio that shows profits relative to sales after the direct production costs are deducted
Q24 ratios are classified into leverage, activity and liquidity ratios
Q25
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
Q26
is a more conservative measure of liquidity that excludes inventory
(stocks) from the current assets in the determination of liquidity.
Q27 are future ratios that can be developed from projected financial statement
Q28 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
Q29 Ratios that measure the effectiveness with which a firm is using its resources are called
Q30 current asset turnover is an examples of ratios
Q31 when financial ratios of a firm over a period of time are compared is known as
Q32 __is the ratio that is used to determine the return accruing to each share
Q33
are ratios of selected firms, especially the most progressive and
successful competitors of similar level of operations at the same point
in time
Q34 The ratio of different kinds of securities raised by a firm as long – term finance is known as
Q35 shows the percentage of income from shares (dividends) in relation to the market value of the share.
Q36 Basic trade-offs on will depend on the nature of the business organisation
Q37 An organisation can achieve _through Joint/venture alliance,Licensing,New markets etc
Q38
_ratios measure the relationship between the funds provided by the
owners (shareholders) of a firm and funds provided by the creditors of
the firm.
Q39 The way in which financial goals are to be achieved by a financial manager is known as
Q40 A type of financial instrument that is negotiable and has a recognized financial worth is known as
Q41 ratio reveals the percentage of the dividend in relation to the percentage retained to expand the growth of the firm.
Q42 The increase in value from combining two firms into one entity;
that is, it is the difference in value between the combined firm and the
sum of the individual firm values is known as
Q43 are limited by being a substitute for judgment
Q44 is the risk associated with the uncertainty of exiting an investment in terms of timeliness and cost
Q45 The reason to increase the rate of return due to the uncertainty of the future is due to
Q46 The overall effectiveness of a firm in generating profits with available assets is measured by ratio
Q47 The current rate at which one currency can be converted into another one is known as
Q48 is an offer to buy the existing shares of a company at a specified price, with the intent of taking over the company
Q49
is the expression of an opinion on the financial statements to show
whether the statements are true and fair as required by the CAMA of
1990.
Q50 is an examination of the details of all financial transactions by a governmental unit during an account period.
Q51 is an audit that is restricted to some segments of the unit’s financial transactions.
Q52 covers all financial transactions and records of a government unit, and is made after the close of financial period.
Q53
__is a process of examining and reviewing the accounting transactions
in order to give assurance that the financial statements present the
financial position of the firm fairly, as at a particular period.
Q54 covers financial transactions that have been fully completed at the end of an accounting period.
Q55 An
__reports on the record of purchases and sales of goods in sufficient
details to identify the goods and their sellers and buyers (except in
normal retail trade).
Q56 __can be referred to as attestation to the true and fair view of financial statements of a business.
Q57 is performed by competent, objective,and unbiased persons
Q58 The _must consider and report on the details of debtors and Creditors
Q59 The federal audit department grew from
Q60 Auditing accounts should be properly prepared and in accordance with the provisions of
Q61 The growth of audit in the private sectors arose as a result of the formation of
Q62 helps to reduce earnings
Q63
__refers to an internal audit, whose purpose is to assess management's
effectiveness in achieving the organisational goals and objectives
Q64 _is an examination of the details of all financial transactions by a governmental unit during an account period
Q65
is weighted average of the costs of the different components of
financing including debt, equity and hybrid securities used by a firm to
fund its financial requirement
Q66 In Nigeria, the institutions of Public auditors was established in
Q67 __covers financial transactions that have been fully completed at the end of an accounting period
Q68 The purpose of is to give analysis on the statues of the company
Q69 __is an audit that is restricted to some segments of the unit's financial transactions
Q70 helps to improve the system of internal control
Q71 __known as administrative audit, this speaks to an examination of financial transactions prior to their completion.
Q72
_is referred to as internal audit, which purpose is to assess
management’s effectiveness in achieving the organisational goals and
objectives.
Q73 _is an expression of an opinion on the financial statements by an independent chartered accountant.
Q74 In
_audit was made to determine whether the persons in positions of fiscal
responsibilities in governments were acting and reporting in good faith
or in an honest manner.
Q75 An __reports whether profit and loss accounts and balance sheet are in agreement with the other records.
Q76 One of the following is not a current liability
Q77 The primary purpose of the current ratios is to measure a firm’s_________
Q78 ________ratio helps in measuring the relationship between sales and operating profits.
Q79 ________is an audit that is restricted to some segments of the unit's financial transactions
Q80 _____audit covers all financial transactions and
records of a government unit, and is made after the close of financial
period
Q81 The solution to the problem of credibility
in reports and accounts lies in appointing an independent person,
called ________
Q82 A _________is some type of financial instrument that is negotiable and has a recognized financial worth.
Q83 _________shows the way in which financial goals are to be achieved by a financial manager.
Q84 The rights of the auditors, as spelt out in CAMA (1990) are all of the following except________
Q85 ________is not an objective of internal control system.
Q86 One of the following is not an essential feature of internal control
Q87 The basic components of internal control are all of the following except ______
Q88 From 1956, the audit of most public accounts in Nigeria became the responsibility of the _______
Q89 _____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.
Q90 ________is the ratio that is used to determine the return accruing to each share
Q91 _________ is when financial ratios of a firm over a period of time are compared
Q92 The federal audit department grew from __________
Q93 The Auditor must consider and report on the following except _______
Q94 _________is performed by competent, objective,and unbiased persons
Q95 In Nigeria, the institutions of Public auditors was established in ______
Q96 An offer to buy the existing shares of a company
at a specified price, with the intent of taking over the company is
known as _________
Q97 The growth of audit in the private sectors arose as a result of the formation of _______
Q98 _____refers to an internal audit, whose purpose
is to assess management's effectiveness in achieving the organisational
goals and objectives
Q99 Auditing accounts should be properly prepared and in accordance with the provisions of _______
Q100 The following are motivations for holding cash except_______
Q101 The standards of comparison of ratios as
suggested by Panday, (1998) and many other experts in finance are all of
the following except________
Q102 A ratio that shows profits relative to sales after the direct production costs are deducted is ________
Q103 The formula for calculating operating cash flow (OCF) is ___________
Q104 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 is known as ______
Q105 One of these is not a non-management fraud
Q106 The differences between internal and external audit are as follows except_______
Q107 ____________shows the percentage of income from shares (dividends) in relation to the market value of the share.
Q108 The ethical guides that currently regulate audit practice are all of the following except________
Q109 the word “audit” is a Latin word which means _______
Q110 The following are ways in which an organisation can achieve growth except_________
Q111 The following are examples of activity ratios except________
Q112 Ratios that measure the effectiveness with which a firm is using its resources are called _________
Q113 _______is an examination of the details of all financial transactions by a governmental unit during an account period
Q114 __________ratios measure the relationship
between the funds provided by the owners (shareholders) of a firm and
funds provided by the creditors of the firm.
Q115 _________is essentially an attitude of the mind characterised by integrity and objective approach to professional work
Q116 All of the following are situations that may lead to a loss or impairment of the auditor's independence except _______
Q117 The ability to apply knowledge to a particular
engagement, supervise and evaluate the work performed by the staff
members is _______
Q118 __________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
Q119 The following are the advantages of audit except_______
Q120 Auditing is a part of some quality control certifications such as ________
Q121 Non-Statutory audit can be classified under the following except________
Q122 The following are classifications of audit by nature except________
Q123 Areas of differences between accounting and auditing are as follows except________
Q124 All of the following are components of the financial statement except_______
Q125 _____covers financial transactions that have been fully completed at the end of an accounting period
Q126 The purpose of audit is all of the following except ______
Q127 Financial ratios are classified into all of the following except________
Q128 Ratios are classified based on the needs of the interest groups such as the following except________
Q129 ________is an independent appraisal activity
within an organisation for the review of accounting, financial and other
controls as a basis of service to management
Q130 CAMA (1990), provided for the following in relation to auditors except _______
Q131 ________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
Q132 One of these is not a right of a common shareholder
Q133 Ratios of selected firms, especially the most
progressive and successful competitors of similar level of operations at
the same point in time are called________
Q134 One of the following is not a current asset
Q135 Future ratios that can be developed from projected financial statement is known as___________
Q136 ___________ is a way of comparing ratios of one
firm with some selected firms in the same industry at the same point in
time
Q137 ________ is the increase in value from combining
two firms into one entity; that is, it is the difference in value
between the combined firm and the sum of the individual firm values.
Q138 ________ ratio reveals the percentage of the
dividend in relation to the percentage retained to expand the growth of
the firm.
Q139 ________is a statutory obligation for the
accounts of every limited liability company to be auditedannually by a
professionally qualified auditor
Q140 A managerial control which functions by
measuring and evaluating the effectiveness of other controls is known as
__________
Q141 _________ ratio measures the overall effectiveness of a firm in generating profits with available assets
Q142 All of the following are classifications of audit by method of approach except ________
Q143 ________ audit is a method where auditors have a
predetermined period say monthly, quarterly, to audit the account being
prepared
Q144 _______is the current rate at which one currency can be converted into another one.
Q145 Ratios of selected firms, especially the most
progressive and successful competitors of similar level of operations at
the same point in time are called________
Q146 One of the following is not a current asset
Q147 __________ 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
Q148 A more conservative measure of liquidity that
excludes inventory (stocks) from the current assets in the determination
of liquidity is known as __________
Q149 __________referred to as the ratio of different kinds of securities raised by a firm as long – term finance.
Q150 _______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.