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ACC812

Question: Auditors‭	‬means act or
omission which occurs because the person concerned failed to exercise that degree of professional care and skill, appropriate to the circumstances of the case, which is expected of accountants and auditors.
Answer:  negligence

Question: A	provision involves
ascertaining which particular credit customers at the year end are unlikely to pay their debts.
Answer:  specific

Question:	are ratios used in judging
the ability of an enterprise to meet its short term maturing obligations.
Answer:  Liquidity ratios

Question:	ratio shows the
relationship between earnings and net equity
Answer:  Return on equity

Question: A	is any item, process or
activity for which a separate measurement of cost is required during the production of that item.
Answer:  cost object

Question:	is the gathering of
cost information and its attachment to cost objects
Answer:  Cost accounting

Question:	are durable goods that
usually last for several years, and are normally kept by a business for more than one accounting year.
Answer:  Non-current assets

Question: A	audit determines the
extent to which rules, policies, laws or government regulations are followed by the entity being audited
Answer:  compliance

Question:	is an increase or
decrease in the amount of cash or cash equivalents resulting from a transaction.
Answer:  Cash flow

Question: The‭	‬adds value to the
principal-agent relationship by providing an objective, independent opinion on the quality of the information reported.
Answer:  auditor

 

Question: price ceiling is always fixed ---------- equilibrium price
Answer:  below

Question:	In economics the central problem is ---------.

Answer:  scarcity

Question:	 The following are determinants of demand elasticity except ------
Answer:  technology

 

Question: A budget line is ------------------
Answer: downward sloping

Question:	Free market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the ------.
Answer: price mechanism




Question: In a controlled economy, it is the ------ that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives
Answer:  government / private



Question: Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of ------ economies
Answer:  Controlled or Planned

Question:	The amount of satisfaction derive from consumption of a particular commodity is -----
Answer:  utility



Question: Controlled or Planned economies are usually associated with -------where government determines the wages of workers, the prices of goods and services and level of output.
Answer:  Socialism and Communism

Question: The following are features of perfect competitive market except ------
Answer:  single seller, many buyers




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