| 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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