ACC102 Fill-in-the-Blank Question (FBQ)
Book-keeping was introduced by ________
Answer: *Luca Pacioli*
The current regulation guiding the preparation of financial statements which is internationally recognised is _______
Answer: *International Financial Reporting Standards*
The branch of accounting that deals with the verification of the completeness and reliability of financial statements is _____
Answer: *Auditing*
The quality of accounting information which require that an information must be useful to the user of the information for decision making is __________
Answer: *Relevance*
________system of accounting has made the recording, processing and reporting of accounting information easier.
Answer: *Computerised or Mechanised*
The broad basic assumptions underlying the periodic preparation of financial statements of business enterprises is called _________
Answer: *Accounting Concept*
The financial statement that shows the assets, liabilities and capital is known as______
Answer: *Statement of Financial position*
The statement of profit or loss is normally prepared for______
Answer: *For the period/year ended*
A tangible or intangible resource that is owned or controlled by an entity and which is expected to generate future economic benefits to the owner known as _____
Answer: *Asset*
The individual items recorded in the sales day book is normally taken to ________
Answer: *Sales ledger/ Debtors personal account*
A list of ledger account balances within a ledger at a particular instance is called ________
Answer: *Trial balance*
The error which occurs when a transaction is recorded with wrong amount at the beginning of the recording process is called error of_________
Answer: *Original entry*
Information required for the preparation of the final accounts are obtain from the ___________ and additional information.
Answer: *Trial balance*
Accrued expense is stated under _________ in the statement of financial position.
Answer: *Current liabilities*
Prepaid expense is stated under ________ in the Statement of financial position.
Answer: *Current assets*
Carriage inward in the statement of profit or loss is added to__________
Answer: *Purchases*
The error committed as a result of wrong addition of figures is called ________________
Answer: *Casting error*
Error involving reversal of one leg of the double entry for a transaction is called______________________________
Answer: *Error of Partial reversal of entry*
One of the books of original entry use in correction of error is ____________________
Answer: *Journal proper*
Income received in advance is stated under_______________ in the statement of financial position.
Answer: *Current liabilities*
Financial obligations the business has in favour of outsiders is called ________________
Answer: *Liabilities*
Assets that add value to the firm but they cannot be seen by their nature good will, trade mark etc are called ______________________________
Answer: *Intangible assets*
Receivable that is proved to be uncollectable and written off due to one reason or the other is called _______________ 
Answer: *Bad debt*
Increase in provision for bad debt is regarded as an ___________
Answer: *Expense*
Amount set aside out of profit earned by a company and constitute part of shareholders’ fund is called ______________________
Answer: *Reserve*
A summary of customers or suppliers ledger in total is called_____________________
Answer: *Control Account*
The process of making the balance on the bank column of the cash book to agree with the balance on the bank statement received from the bank is called ______________________________
Answer: *Bank reconciliation*
A debit balance on the bank statement indicates an _______________
Answer: *Overdraft*
A unit of product or service in relation to which costs are ascertained is called _________
Answer: *Cost unit*
Costs which can be traced directly to a job, batch, product or service is called__________
Answer: *Direct costs*
The combination of indirect materials, indirect labour and indirect expenses gives _______________________
Answer: *Overheads*
Royalties paid for the use of a copy right is an example of __________
Answer: *Direct expenses*
The excess of Sales over variable cost is called ___________________
Answer: *Contribution*
Under C-V-P one of the assumptions is that all costs can be resolved into _________________
Answer: *Fixed and Variable elements*
The two most common control accounts are _________________________________
Answer: *Debtors (Sale ledger) control accounts and Creditors (Purchases ledger) control account*
