ACC426 – 2019

It is generally belived that Accounting history is traced to

·            Luca Pacioly

·          Luca Pacioli

·            Luka Pacific

·            Luci Pandy

The reasons for harmonisation of accounting standards include the following except one



Causes of international accounting differences include but exclude one

·            Culture, legal, taxation and providers of capital

·            Culture, taxation, legal, providers of finance and creditors

·            Taxation, Income statement, Inventory and legal

·            All of the above


Obstacles for harmonization of accounting standards include but except one

·            Lack of expertise

·            Lack of international regulatory agency

·            Unwillingness of countries

·            IFRS and FRCN

International Accounting as a concept is defined as the process o—–, collecting, recording, classifying, verifying, summarizing, interpreting and communicating financial information to various users

·            Quantifying

·            Testifying

·            Calculating

·            Identifying

The Nigeria Accounting Standard Board (NASB) was established in

·            1980

·            1981

·            1982

·            1983

What is the full meaning of FRCN

·            Federal Road Council of Nigeria

·            Federal Radio Corporation of Nigeria

·            Financial Reporting Council of Nigeria

·            Financial Reporting Committee of Nigeria

The history of Accounting can be traced to the year

·            1394

·            1494

·            1594

·            1694

IASC means

·            International accounting scheme committee

·            Internal accounting standard Committee

·            International Income Accounting committee

·            International accounting standard committe

Factors influencing Accounting development include, except one

·            External finance

·            Legal system

·            IFRS

·            Level of inflation


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