1: The beginning of accounting was _______
2: In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events.
3: The owner of the business is referred to as an ____
4: The earliest known originator of book keeping system was…………….
Answer: Rev. Father Lucas Pacioli
5: Accounting consists of the process in designing and operating an efficient accounting information system for collection, recording, measuring, summarizing, analyzing and __________the results of financial transactions for a particular period to users of financial information for them to make informed decisions.
6: classification and _______of financial information for both trading and non-trading organizations.
7: Sales represents total of all credit and cash sales made to a___________
Answer: Third party
8: Accounting requires the acquisition of a specialized knowledge over a given period of time which involves the combination of_________
Answer: Theory and Practice
9: Reserves are amounts set aside out of profits earned by a company
and constitute part of __________fund.
10: Accounting is a ________because is a means of communicating business information.
11: Accounting does not have ________ products that can be bought and sold like the manufacturing companies.
12: Accounting is a _________because it follows a systematic and organised body of knowledge.
FBQ13: Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide.
Answer: Management science
14: The maintenance and recording of the books of accounts in a_____manner similar to procedures in a laboratory make accounting a science.
15: Accounting should include enough facts and _____to satisfy the need of the users.
16: Ability to trace all accounting transactions in a report to the source documents is important for ________to be realized.
17: 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.
18: Accounting report should be prepared in a way that allows for quick and easy ________from one period to another.
19: Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users.
20:organisation which shows the company assets and liabilities at a particular date.
Answer: Financial position
21: Cost accounting helps organization in controlling and _______their
22: Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organization.
23: Auditing is an ______examination of the books of accounts, records and financial statement of an organization by an independent person called an auditor.
24: Without the accountants, financial statements will not make any to many people.
25: The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public.
26: Every business organization is expected to keep its__________accurately and in an orderly manner.
Answer: Financial records
27: Accounting is used to ________the financial performance of an organization
28: Accounting makes use of _______financial data in forecasting future performance and financial position of different organizations.
29: Shareholders are the _______of a company and they are interested in the performance of the company
30: 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.
31: 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.
32: The laid down rules that are complied with in the preparation of accounting records for any organization is _______
Answer: Accounting concept
33: The tradition for the preparation of accounting records is__________
Answer: Accounting convention
34: 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.
35: 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.
36: The convention of prudence states that profit should not be ______when recognizing profit to be recorded in financial statement, but the profit should be based on actual profit earned or realized for the particular period.
37: A cheque is a _______instrument that originates from banks and it is used to withdraw money from a stated bank account in a bank.
38: A bank teller is used to ________money (cash and cheques) into an account in a bank.
39: Credit note is a document showing a ______in favour of the receiver.
40: Discount can be defined as an _______given to customers to enable them buy in large quantity, obtain profit margin price
41: Quantity discount is a price ______given to a customer who buys in
large quantity for consumption and not for re-sale.
42: 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.
43: 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.
44: The cash book is a book of original entry used to record all _____transactions.
45: A contra entry is any transaction that has been recorded ______in an account through a debit and a credit entry in the same account.
46: The double entry principle states that for every debit entry for a transaction, there must be a corresponding ________for the same transaction.
Answer: Cost accounting
47: Ledger is the ______of accounts where the double entry principle is completed.
Answer: Principal book
48: Error is an accounting terminology used to signify ______made while recording and/or posting financial transactions.
49: Expenditures are the money spent in an organization in order to generate _______either now or in the future.
50: The manual accounting system refers to the keeping of accounting record by __________of relevant posting in the books of accounts.
1: The accounting report should be ………..enough to give the user full information with which decision could be reached.
2: Good accounting information should be ………..to the purpose for which it is prepared.
3: The owner of a business is referred to as __________
Answer: an entrepreneur
4: Financial accounting is prepared on ___________
Answer: Historical basis
5: Financial accounting is also used to determine the ……….of an organization
Answer: Financial position
6: Accounting as a form of knowledge and profession consist of different branches except……………….
7: To find out the cost of goods produced or services rendered in an organization we need……………
Answer: Cost accounting
8: The acquisition of key business information that includes income, expenditure, profit, assets and liabilities are made available from ____________ prepared by accountants.
Answer: Financial Statement
9: In business, __________ refers to the process of allocating funds to meet the needs of your business.
10: The sole proprietorship business is also referred to as a__________
Answer: One-man- business
11: Which of the following is not a nature of accounting?
12: Utility is the satisfaction derived from consuming a particular product or accepting a service.
Answer: Economist point of view
13: For financial statements to make meaning to many people, one of the following must be prepared by an accountant.
Answer: Accounting ratio
14: To investigate the adequacy of tax paid by organizations, government engages the services of……….
15: To safeguard the assets of an organization, an Accountant employs
one of the following………….
Answer: Internal control system
16: The two government recognized accounting professional bodies in Nigeria are:
Answer: Association of National Accountants of Nigeria and Institute of
Chartered Accountants of Nigeria
17: One of the following is not a direct user of accounting information
18: Business documents that confirm the occurrence of financial transaction between two or more parties are called…….
Answer: Source documents
19: The total of goods returned to supplier from the purchases returns day book is transferred to the …………of the returns outwards
Answer: Credit side
20: The following except ____________ are recorded in the Journal Proper
Answer: Recording of credit sales
21: The left side of a cash book is called_____________________
Answer: Debit side
22: When cash is withdrawn from the bank to the office________________
Answer: Credit – The bank column.
23: Contra entry can be found in___________
Answer: Two column cash book
24: When liabilities value reduces, the liabilities account should be___________.
25: The advantages of trial balance exclude one of the following_______.
Answer: It helps in preventing errors.
26: One of the following errors does not affect the agreement of trial balance
Answer: Errors of principle
27: 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
28: Motor vehicle purchases of N660,000 was entered in the purchases account. Correct the errors.
Answer: Credit -Purchases account
29: The cost of transporting goods meant for resale into the
organisation is called___
Answer: Carriage Inward
30: Assets that add value to the organisation but they cannot be seen
by their nature are called_________
Answer: Intangible assets
31: 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_________
32: Reserve which is distributed to the shareholder and other capital
providers in form of debenture interest, retained profit is called
Answer: Revenue Reserve
33: Any transactions that will increase the customers indebtedness to the organization are ………to the debtors control account
34: A statement sent periodically usually once a month by a buyer to
his suppliers is called____________
Answer: Creditor Statement of Account
35: The causes of the differences between the bank statement and the cash book excludes one of the following____________________
Answer: Signed cheques
36: To prepare Bank reconciliation statement start with Balance as per adjusted cash book and add_______
Answer: Unpresented cheques
37: 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
38: The traditions and customs adopted by accountants for the preparation of financial statements excludes one of the following
Answer: Money Measurement
39: A document that is used to record full details of money paid for a particular purpose is called______________
Answer: Payment Voucher
40: One of the following is not a subsidiary book of account_______
Answer: Ledger account
41: Where an account of capital expenditure is treated as revenue expenditure item it is called_______________
Answer: Errors of Principle
42: 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
43: One of the following is not a branch of accounting.
Answer: Investigative accounting
44: The accounting system that recognizes 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
45: The revenues that are generated outside the sales of goods or services that the firm regularly deals with are called
Answer: Discount received
46: Essential features of a business organization exclude one of the following
Answer: The need to take risk
47: The functions of an accountant exclude one of the following.
Answer: Stock brokering
48: The professional person that reports on the true and fair view of nan organization financial statements is
49: 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
50: 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