FBQ21: Cost accounting helps organisation in controlling and _______their costs. Answer: Minimising
FBQ22: Management accounting is a branch of accounting that uses different _______analysis tools to project for the future of an organisation. Answer: Quantitative
FBQ23: Auditing is an ______examination of the books of accounts, records and financial statement of an organisation by an independent person called an auditor. Answer: Independent
FBQ24: Without the accountants, financial statements will not make any ______to many people. Answer: Meaning
FBQ25: The external auditing service provided by ________is to ensure that complete and reliable financial statements are published or released to the public. Answer: Accountants
FBQ26: Every business organisation is expected to keep its __________accurately and in an orderly manner. Answer: Financial records
FBQ27: Accounting is used to ________the financial performance of an organisation Answer: Measure
FBQ28: Accounting makes use of _______financial data in forecasting future performance and financial position of different organisations. Answer: Historic
FBQ29: Shareholders are the _______of a company and they are interested in the performance of the company Answer: Owners
FBQ30: The government is interested in accounting information to determine the company income tax to be paid, _______with government rules and regulations governing the operation of the business. Answer: Compliance
FBQ31: The concern of the suppliers is to know how stable the company is ______in order to meet their bills and invoices as at when due. Answer: Financially
FBQ32: The laid down rules that are complied with in the preparation of accounting records for any organisation is _______ Answer: Accounting concept
FBQ33: The tradition for the preparation of accounting records is __________ Answer: Accounting convention
FBQ34: In recording the books of accounts, the business records are kept and treated_______from the owners even in a situation where the business is owned by a person. Answer: Share
FBQ35: In accounting revenues and expenses for any accounting period should be ________with each other so as to bring them into the accounting period to which they relate, so that the profit or loss for the period can be ascertained. Answer: Matched
FBQ36: The convention of prudence states that profit should not be ______when recognising profit to be recorded in financial statement, but the profit should be based on actual profit earned or realised for the particular period. Answer: Anticipated
FBQ37: A cheque is a _______instrument that originates from banks and it is used to withdraw money from a stated bank account in a bank. Answer: Negotiable
FBQ38: A bank teller is used to ________money (cash and cheques) into an account in a bank. Answer: Pay
FBQ39: Credit note is a document showing a ______in favour of the receiver. Answer: Claim
FBQ40: Discount can be defined as an _______given to customers to enable them buy in large quantity, obtain profit margin price Answer: Inducement
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