ACC203 e-exam (2019)

FBQ1: The beginning of accounting was _______
Answer: Stewardship
FBQ2: In accounting permanent records should be created whereby both the ______and the owner can have access to present and past events.
Answer: Steward
FBQ3: The owner of the business is referred to as an  ____
Answer: entrepreneur
FBQ4: The earliest known originator of book keeping system was ................
Answer: Rev. Father Lucas Pacioli
FBQ5: Accounting consists of the process in designing and operating an efficient accounting information system for collection, recording, measuring, summarising, analysing and __________the results of financial transactions for a particular period to users of financial information for them to make informed decisions.
Answer: Communicating
FBQ6: Accounting is a discipline involved with the recording, classification and _______of financial information for both trading and non-trading organisations.
Answer: Interpretation
FBQ7: Sales represents total of all credit and cash sales made to a ___________
Answer: Third party
FBQ8: Accounting requires the acquisition of a specialised knowledge over a given period of time which involves the combination of_________
Answer: Theory and Practice
FBQ9: Reserves are amounts set aside out of profits earned by a company and constitute part of __________fund.
Answer: Shareholders’
FBQ10: Accounting is a ________because is a means of communicating business information.
Answer: Language
FBQ11: Accounting does not have ________ products that can be bought and sold like the manufacturing companies.
Answer: Physical
FBQ12: Accounting is a _________because it follows a systematic and organised body of knowledge.
Answer: Science
FBQ13: Accounting is a ________because it is also based on some fundamental principles which are applicable worldwide.
Answer: Management science
FBQ14: The maintenance and recording of the books of accounts in a _____manner similar to procedures in a laboratory make accounting a science.
Answer: Systematic
FBQ15: Accounting should include enough facts and _____to satisfy the need of the users.
Answer: Figures
FBQ16: Ability to trace all accounting transactions in a report to the source documents is important for ________to be realised.
Answer: Objectivity
FBQ17: 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.
Answer: Agree
FBQ18: Accounting report should be prepared in a way that allows for quick and easy ________from one period to another.
Answer: Comparability
FBQ19: Accounting report is _______ if it is easy to change, adjust and adaptable to suit different kinds of users.
Answer: Flexible
FBQ20: Financial accounting is also used to determine the _________of an organisation which shows the company’s assets and liabilities at a particular date.
Answer: Financial position

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