FBQ1: The beginning of accounting was _______ Answer: Stewardship FBQ2: In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events. Answer: Steward FBQ3: The owner of the business is referred to as an ____ Answer: entrepreneur FBQ4: The earliest known originator of book keeping system was ................ Answer: Rev. Father Lucas Pacioli FBQ5: 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. Answer: Communicating FBQ6: Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations. Answer: Interpretation FBQ7: Sales represents total of all credit and cash sales made to a ___________ Answer: Third party FBQ8: Accounting requires the acquisition of a specialised knowledge over a given period of time which involves the combination of_________ Answer: Theory and Practice FBQ9: Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund. Answer: Shareholders’ FBQ10: Accounting is a ________because is a means of communicating business information. Answer: Language FBQ11: Accounting does not have ________ products that can be bought and sold like the manufacturing companies. Answer: Physical FBQ12: Accounting is a _________because it follows a systematic and organised body of knowledge. Answer: Science FBQ13: Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide. Answer: Management science FBQ14: The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science. Answer: Systematic FBQ15: Accounting should include enough facts and _____to satisfy the need of the users. Answer: Figures FBQ16: Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised. Answer: Objectivity FBQ17: 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. Answer: Agree FBQ18: Accounting report should be prepared in a way that allows for quick and easy ________from one period to another. Answer: Comparability FBQ19: Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users. Answer: Flexible FBQ20: Financial accounting is also used to determine the _________of an organisation which shows the company’s assets and liabilities at a particular date. Answer: Financial position FBQ21: Cost accounting helps organisation in controlling and _______their costs. Answer: Minimising FBQ22: Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation. Answer: Quantitative FBQ23: Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor. Answer: Independent FBQ24: Without the accountants, financial statements will not make any ______to many people. Answer: Meaning FBQ25: The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public. Answer: Accountants FBQ26: Every business organisation is expected to keep its __________accurately and in an orderly manner. Answer: Financial records FBQ27: Accounting is used to ________the financial performance of an organisation Answer: Measure FBQ28: Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations. Answer: Historic FBQ29: Shareholders are the _______of a company and they are interested in the performance of the company Answer: Owners FBQ30: 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. Answer: Compliance FBQ31: The concern of the suppliers is to know how stable the company is ______in order to meet their bills and invoices as at when due. Answer: Financially FBQ32: The laid down rules that are complied with in the preparation of accounting records for any organisation is _______ Answer: Accounting concept FBQ33: The tradition for the preparation of accounting records is __________ Answer: Accounting convention FBQ34: In recording the books of accounts, the business records are kept and treated_______from the owners even in a situation where the business is owned by a person. Answer: Share FBQ35: In accounting revenues and expenses for any accounting period should be ________with each other so as to bring them into the accounting period to which they relate, so that the profit or loss for the period can be ascertained. Answer: Matched FBQ36: The convention of prudence states that profit should not be ______when recognising profit to be recorded in financial statement, but the profit should be based on actual profit earned or realised for the particular period. Answer: Anticipated FBQ37: A cheque is a _______instrument that originates from banks and it is used to withdraw money from a stated bank account in a bank. Answer: Negotiable FBQ38: A bank teller is used to ________money (cash and cheques) into an account in a bank. Answer: Pay FBQ39: Credit note is a document showing a ______in favour of the receiver. Answer: Claim FBQ40: Discount can be defined as an _______given to customers to enable them buy in large quantity, obtain profit margin price Answer: Inducement FBQ41: Quantity discount is a price ______given to a customer who buys in large quantity for consumption and not for re-sale. Answer: Reduction FBQ42: Purchases day book is a subsidiary book of account used to record all goods bought and services received on _______from a third party in the order in which they occurred irrespective of the amount involved. Answer: Credit FBQ43: Journal or journal proper is one of the books of original entry that is used to record any transaction which cannot be ________recorded or classified into any of the other subsidiary books. Answer: Conveniently FBQ44: The cash book is a book of original entry used to record all _____transactions. Answer: Cash FBQ45: A contra entry is any transaction that has been recorded ______in an account through a debit and a credit entry in the same account. Answer: Twice FBQ46: The double entry principle states that for every debit entry for a transaction, there must be a corresponding ________for the same transaction. Answer: Credit entry FBQ47: Ledger is the ______of accounts where the double entry principle is completed. Answer: Principal book FBQ48: Error is an accounting terminology used to signify ______made while recording and/or posting financial transactions. Answer: Mistakes FBQ49: Expenditures are the money spent in an organisation in order to generate _______either now or in the future. Answer: Income FBQ50: The manual accounting system refers to the keeping of accounting record by __________of relevant posting in the books of accounts. Answer: Handwritten MCQ1: The accounting report should be ...........enough to give the user full information with which decision could be reached. Answer: Complete MCQ2: Good accounting information should be ...........to the purpose for which it is prepared. Answer: relevant MCQ3: The owner of a business is referred to as __________   Answer: an entrepreneur MCQ4: Financial accounting is prepared on ___________ Answer: Historical basis MCQ5: Financial accounting is also used to determine the ..........of an organisation Answer: Financial position MCQ6: Accounting as a form of knowledge and profession consist of different branches except................... Answer: Commerce MCQ7: To find out the cost of goods produced or services rendered in an organisation we need............... Answer: Cost accounting MCQ8: The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants. Answer: Financial Statement MCQ9: In business, __________ refers to the process of allocating funds to meet the needs of your business.  Answer: Finance MCQ10: The sole proprietorship business is also referred to as a __________ Answer: One-man- business MCQ11: Which of the following is not a nature of accounting? Answer: Auditing MCQ12: Utility is the satisfaction derived from consuming a particular product or accepting a service. Answer: Economist’s point of view MCQ13: For financial statements to make meaning to many people, one of the following must be prepared by an accountant. Answer: Accounting ratio MCQ14: To investigate the adequacy of tax paid by organisations, government engages the services of.......... Answer: Accountant MCQ15: To safeguard the assets of an organisation, an Accountant employs one of the following............. Answer: Internal control system MCQ16: The two government recognised accounting professional bodies in Nigeria are: Answer: Association of National Accountants of Nigeria and Institute of Chartered Accountants of Nigeria MCQ17: One of the following is not a direct user of accounting information Answer: Supplier MCQ18: Business documents that confirm the occurrence of financial transaction between two or more parties are called....... Answer: Source documents MCQ19: The total of goods returned to supplier from the purchases returns day book is transferred to the ............of the returns outwards account. Answer: Credit side MCQ20: The following except ____________ are recorded in the Journal Proper  Answer: Recording of credit sales MCQ21: The left side of a cash book is called_____________________ Answer: Debit side MCQ22: When cash is withdrawn from the bank to the office ________________ Answer: Credit - The bank column. MCQ23: Contra entry can be found in___________ Answer: Two column cash book MCQ24: When liabilities value reduces, the liabilities account should be___________. Answer: Debited MCQ25: The advantages of trial balance exclude one of the following_______. Answer: It helps in preventing errors. MCQ26: One of the following errors does not affect the agreement of trial balance Answer: Errors of principle MCQ27: A debtor paid N10, 500 cash but his account was credited with N10,000 while the cash book was debited with N10,500. Answer: Credit - Debtors Account N500 MCQ28: Motor vehicle purchases of N660,000 was entered in the purchases account. Correct the errors. Answer: Credit -Purchases account MCQ29: The cost of transporting goods meant for resale into the organisation is called___ Answer: Carriage Inward MCQ30: Assets that add value to the organisation but they cannot be seen by their nature are called_________ Answer: Intangible assets MCQ31: Services and goods that have been consumed or enjoyed during the year but which payment has not been made either in full or in part at the end of that financial year is called_________ Answer: Accruals MCQ32: Reserve which is distributed to the shareholder and other capital providers in form of debenture interest, retained profit is called ________ Answer: Revenue Reserve MCQ33: Any transactions that will increase the customers’ indebtedness to the organisation are .........to the debtors control account Answer: Debited MCQ34: A statement sent periodically usually once a month by a buyer to his suppliers is called____________ Answer: Creditor’s Statement of Account MCQ35: The causes of the differences between the bank statement and the cash book exclude one of the following____________________ Answer: Signed cheques MCQ36: To prepare Bank reconciliation statement start with Balance as per adjusted cash book and add_______ Answer: Unpresented cheques MCQ37: The accounting concept that assumes that the business will be in existence for a very long period of time without any intention to close the company later is___  Answer: Going Concern Concept MCQ38: The traditions and customs adopted by accountants for the preparation of financial statements exclude one of the following Answer: Money Measurement MCQ39: A document that is used to record full details of money paid for a particular purpose is called______________ Answer: Payment Voucher MCQ40: One of the following is not a subsidiary book of account_______ Answer: Ledger account MCQ41: Where an account of capital expenditure is treated as revenue expenditure item it is called_______________ Answer: Errors of Principle MCQ42: Cash of N600,000 received from a debtor was recorded in the cash book only. You are to correct the error. Answer: Debit - Suspense Account N600,000 MCQ43: One of the following is not a branch of accounting. Answer: Investigative accounting MCQ44: The accounting system that recognises revenue from selling a good or service in the period which the good is sold or the service is performed is called_________ Answer: Accrual based accounting MCQ45: The revenues that are generated outside the sales of goods or services that the firm regularly deals with are called Answer: Discount received MCQ46: Essential features of a business organisation exclude one of the following Answer: The need to take risk MCQ47: The functions of an accountant exclude one of the following. Answer: Stock brokering MCQ48: The professional person that reports on the true and fair view of an organisation’s financial statements is Answer: Auditor MCQ49: An inducement given to debtors (credit customers) for paying their debt on time or promptly within the specified time frame or period is known as Answer: Cash Discount MCQ50: A book used to record goods previously sold to customers but were later returned by the buyer to the seller is known as__________ Answer: Returns Inwards Journal