ACC203

Accounting principles upon which preparation of accounting records are based, which are universally acceptable are…..
In accounting, the convention that recognises that profits should not be anticipated by recording them prematurely is called…
The financial statement prepared by accountants should exclude one of the following
One of these is not a way of interpreting financial statements to different users by an accountant.
The user of accounting information who ensures that the interests of the public are protected within the company activities is…………..
Documents that buyers and sellers exchange between themselves which are binding on them are called…………
Accounting is a profession whose members must acquire………
Accounting is used to measure the …………… of an organisation.
 A branch of accounting that ascertains the cost of goods produced or services rendered in an organisation is…
The officer who reports on the true and fair view of an organisation’s financial statements is called…
The preparation of accounting services carried out at the local, state and federal government ministries and parastatals is known as
 An accountant  does not perform one of these functions
One of these is a direct user of accounting information.
Information about income, expenditure, profit, assets and liabilities can be obtained from……..
The document that is used to record full details of money paid for a particular purpose is called…….
It is called ……….if every debit entry, there is a corresponding credit entry and vice versa.
Advantage of a trial balance does not include one of the following.
Error is an accounting terminology used to signify mistakes which are
A temporary account that is opened to record errors that cause the trial balance total not to agree is…..
The cost of transporting goods meant for resale into the organisation is called….
A debtor paid N65,500 cash but his account was credited with N65,000 while the cash book was debited with N65,500. You are required to correct the errors.
A payment of N99,000 to a creditor was omitted from the cash book but recorded in the creditor’s account in the ledger.
Error that does not require any journal entry for rectification is called…………….
The money spent in an organisation to generate income is called…………..
Expenditure that is carried forward in the statement of financial position which does not immediately affect profit is ….
Cost of goods sold is also referred to as ……….
The cost price of goods sold for a particular period can be derived by ……………
The profit realised on trading activities alone without other expenses incurred in the business is……..
Statement of financial position is part of ………….
Thes financial obligations against the company that are not due for repayment within one year are called………

 

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