Tma solutions & answers

The fixed amount of cash given to the petty cashier at the beginning of each period is known as ______
Direct material + Direct labour + Direct expenses = _______
All material, labour and expense costs which cannot be identified as direct costs are termed ______
_________ is the amount of cash or cash equivalent or the fair value of other consideration given to acquire an asset at the time of its acquisition or construction
_________ are those costs which can be directly identified with a job, batch, product or service
The separations of ownership from management and the need to safeguard the interest of the owners who do not participate in the day-to-day decision of the organization by the management is referred to as ___________
__________ is the gathering of cost information and its attachment to cost objects
_________ is the gathering of evidence to evaluate fainess of the agent’s financial reporting
Auditors’ _________ means act or omission which occurs because the person concerned failed to exercise that degree of professional care and skill, appropriate to the circumstances of the case, which is expected of accountants and auditors.
___________ activities relate to acquisition and disposal of fixed assets, statement of properties and other productive assets held for use in producing the usual goods and services other than stock held for processing or resale.
The various stages necessary to produce the financial reports can be reffered to as ______
______ are the basic rules and procedures guiding accounting practice
The Going concern concept assumes that the business will _______ operations for the foreseeable future,
Recording of transactions start from the _________
The _________ is the main or principal book of account
The Double Entry system of book-keeping hinges on the __________ concept
A _______ is a summarized form of accounts in the ledger to which it relates.
Another name for control account is ________
The _________ is a list of all the balances in the ledger.
In a cooperative society’s accounting system, the bookkeeper records the business transactions of the cooperative in a daily _______
The profit or loss account can also be referred to as _______
_______ revenue is the total profit the cooperative makes from providing goods and services to its members
Current Assets include cash and those assets that are expected to be converted into cash within __________
Liabilities due beyond the next 12 months are referred to as ________
In non-profit organizations ________ is used in place of capital
In non-profit organizations account, the difference between revenue and expenditure is known as ________
The kind of final accounts prepared by _________ are either Receipts and Payments accounts or Income and Expenditure accounts.
__________is the difference between sales proceeds and the cost of goods sold in a trading account
___________ expenditure consists of expenditure, the benefit of which is not fully consumed in one period, but spread over several periods
Travelling and fuelling expenses, repairs, postages, interest on loan and salaries and wages are all examples of ________ expenditure
Internal audit is performed by the ________ of the organization
______ audit involves the assessment of the efficiency, effectiveness and economy of an organization’s use of resources
_________ audit involves the examination of the truth and fairness of the financial statements of an entity by an external auditor who is independent of the organization in accordance with a reporting framework such as the IFRS.
__________ system audit involves the assessment of the controls relevant to the IT infrastructure within an organization
__________ is to be straightforward and honest in all professional and business relationships.
__________ is to act diligently and in accordance with applicable technical and professional standards.
__________ means that the cooperative auditor should not allow bias, conflict of interest or undue influence of others to override professional or business judgments.
__________ refers to an intentional act by one or more individuals among management, employees or third parties, which results in a misrepresentation of financial statements.
_________ report contains the cooperative auditor’s opinion about whether the financial statements show, in all material respect, the truth and fairness of the views conveyed by the financial statement of the cooperative.
The _______ consist of opportunity, rationalization and pressure
The tendency by actors and observers to give different interpretations concerning the same events is referred to as…………………………
Which of these theories posits that our emotions and motivation are affected by the attributions we make?
………………………. is a change in belief or behaviour in response to real or imagined group pressure
Which of these is not a principle of compliance?
Which of these techniques,  involves requests beginining  with  small ones  and  when  granted, move  on  to   larger requests?
Which of these techniques is a sales strategy that works well for people in business with the sole intension of busting sales
According to a study by Milgram, high rate of obedience is attributed to all of these except……….
When we learn from significant others like our parents, Teachers, older siblings as we grow up, it is referred to as ………..
Which of the following factors does not affect or influence  people to  obey?
A person who can influence others to obey because  he/she is assumed to have the right is said to possess……………
The  way  we  treat people  because  they  belong  to  certain  groups and  have  become  targets of prejudice is termed ………………….
Which of these is not a component of prejudice?
Which of these theories states that the motivation to enhance self-esteem, sense of security and meet certain personal needs has encouraged and exposed people to Prejudice
Strategies for reducing prejudice does not  include;
This is a strategy that results in a shift in the boundaries between the individual’s in- group “us” and some out-group “them?
Prejudice tends to be localised
Strategies for resisting the effect of destructive obedience includes……………………..
Once an object is associated with positive outcome and  this object becomes highly rated, this is referred to as …………
This view proposes that we are likely  going to be motivated to change our attitudes and/or our behaviours  once  there  is an  uncomfortable  physical state  called  dissonance
This theory suggests attitude shift within the individual instead of similarities and inferences between people
Stereotypes that are beliefs which concern the characteristics of women and men that contain both positive and negative traits are referred to as ………………
When  the intention for being aggressive is to satisfy some needs, it is referred to as ………………….
Which of these is not a social cause of aggression?
Holding an over inflated or exaggerated view of one’s own qualities or achievements is referred to as ……………….
The tendency to perceive hostile intentions or motives in the actions of others when these actions are ambiguous is referred to as ……….
A mild unpleasant smelling pollutant common in the urban areas which has been associated with aggression is ……………………
Which of these is not among  the causes of aggression?
This approach views aggression as instinctive in all species , especially In the face of scarce resources for survival
The personality characteristic or disposition of empathy, belief in a just world, and acceptance of social responsibility, having an internal locus of control and not being egocentric defines the ……………………
…………….. Is defined as the basic motive to seek and maintain interpersonal relationship
To produce goods or in providing services, one of the following costs is not essential
The technique and process of ascertaining costs is known as
That costing aspect that takes into cognizance the cost of products, service or an operation is known as ……..
One of the following does not involve classification of costs according to their elements
An example of expenses that cannot be traced to specific product, job, process, service or cost centre or cost unit is
Costs that are also referred to as stepped costs are:
 Costs classified according to their functions/activities exclude one of the following.
The change in the aggregate costs due to change in the volume of output by one unit is …..
The consideration of several alternative courses of action involves…………
The method of costing used where production is continuous, each unit coming out is uniform and production is made prior to demand is……
Which statute established the Central Bank of Nigeria?
How many Directorates and Departments are there in the CBN?
What was not a shortcoming of West African Currency Board?
What is another name for Commercial Bank?
What is the difference between loan and advance?
Which is not a secondary function of commercial bank?
On what basis are merchant banks defined?
Would it be right to say that merchant banking is as old as independent Nigeria?
Eliminate a function not performed by merchant bank
Identify a non-specialized bank
A specialised field of accounting which involves classification, accumulation, assignment and control of costs is …
A system of foresight in accounting that turns losses into profits, speeds up activities and eliminates wastes is….
One of the following is not a type of Cost Accounting
Financial accounting aims at presenting …………. view of transactions.
The Accounting which its scope is broader than cost accounting and provides all types of information is known as
A cost accounting system requires five parts and exclude
The technique that was developed to provide more accurate product costs………..
A costing system where costs do not become expenses until the inventory is sold is known as……
In accounting the level of activity does not mean
The principal reasons for studying how costs respond to changes in the level of activities exclude
How has money evolved over time?
After barter, which was the first form of money used?
Money aggregate is the same as
Currency denomination is the same as
What is money market?
Isolate an instrument not traded in the money market
How often is the operational licence of Bureau de Change renewed in its lifetime?
Who regulates the activities of Bureau de Change?
National income is the same as
Y = C + S + I + G + (x-m). What does this equation represent?
A plan in financial terms, for the operation and resources of an enterprise for some specific period in the future is
Budget should be prepared ……… for it to be achievable
The budget that consolidates the position of all the functional budgets in the form of a budgeted trading and profit and loss account and a budgeted statement of financial position is called the……
A budget which is designed to change in accordance with the level of activity attained is called……
One of these is not part of organisation for budgetary control
The difference between the standard costs of products or services and actual results and cost is referred to as…….
Standards that are based on perfect operating conditions are known as…..
A technique which emphasizes the variable cost of a product and that fixed costs of the relevant periods should be written off in full against the contribution is known as……….
The ratio that assesses the utilization of the available capacity by comparing actual hours worked with budgeted hours is called…
In Management accounting what is used to measure the effect on profit as a result of changes in both revenue and cost parameters.
When is a bill said to be discharged?
A cheque is not likely to be honoured if
Why would one prefer a crossed cheque to open when a huge amount is involved?
What can be done to a stale cheque to revalidate it?
Why would you agree that banks play very important role in economic development of a nation?
What is the altimate outcome of bank learing system?
The structure of a bank can be ascertain by the following characteristics except
Which group is most strategic in bank corporate governance?
What is another way to describe correspondent bank
Which is not an e-banking channel
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…
What determines the nature of corporate financing?
What is a firm?
Why is it said that a corporation is a legal person?
Which form of business is the most basic?
Which statement is not true of sole proprietorship?
What type of relationship exist betweenManagers of a firm and the shareholders?
Name two types of partnership
Which group is the residual owners of the corporation?
What is the name of the document authorizing a corporation to carry on in business?
Which is not an advantage for separating onwership from management of corporations?

 

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