Oyebode Oluwoye

Liabilities that are in existence which are due for repayment within the shortest possible time are called.........

1 year ago

In a related company, the investor is deemed to.

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In a related company, the investor is deemed to......except a. Exercise significant influence in matter relating to dividends, commercial and financial policy b. Hold the interest on a long term basis. c. Hold a qualifying capital interest in the body cor...

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When a premium is paid above the fair value of the net assets acquired over a subsidiary, it results in .........

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..........are future economic benefits controlled by an entity as a result of past transactions

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Significant influence is usually evidenced in one of the following ways, except.... a. Interchange of managerial personnel b. Participation in policy making processes, including dividend decisions c. Representations on the board of directors or equivalent...

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An enterprise in which the investor has significant influence is called........ a. Fellow subsidiaries b. Associated companies c. Related company d. Equity method

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Assets that have no physical existence are generally called.......

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The groups financial statements shall consist of three statements except one of the following....... a. Consolidated income statement/ comprehensive income statement b. Consolidated statement of cash flows c. Consolidated statement of financial position d...

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Notes to the financial statements include the following except.............. a. Additional information b. Statement of financial position c. More detailed analysis or breakdowns of figures in the statements d. Narrative information explaining figures in t...

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Sales of assets from the investor to an associate is an example of ..........

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Sales of assets from the investor to an associate is an example of ........... a. Downstream b. None of above c. Upstream d. Intra-group transaction

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........... reconstruction, the accumulated trading losses and fictitious assets are written off.

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..... is a legal status person acquires or other entity that cannot repay the debts it owes creditors. a. Bankruptcy b. Executorship c. None of the above d. Trusteeship

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An agreement whereby two companies combine to become one entity is called....... a. Amalgamation b. merger c. Absorption d. Takeover

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To close the books of a discontinuing company, the following ledger accounts are necessary, except one........ a. Sundry members account. b. Personal accounts of directors c. Realization account. d. Bank account.

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Bases of accounting for insurance transactions commonly adopted are as follows, except.....: a. Referred Annual Accounting b. Deferred Annual accounting c. Fund Accounting d. Annual Accounting

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One among the following is not a primary objective of audit; a. Examining the system of internal control b. Checking arithmetical accuracy of books of accounts, verifying posting, costing, balancin c. Detection and prevention of errors d. Verifying the au...

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_______ of professional accountants requires them to be straightforward and honest in all professional and business relationships; a. integrity b. prudency c. ethics d. objectivity

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The body that sets accounting and auditing standards, ensures enforcement and monitors compliance of these standards in Nigeria is the ________ a. AMCON b. DPR c. FRCN d. CBN

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_____ software is computer programs used by the auditor to extract information from a clien\'s computer-based information system, for use in the audit. a. Audit b. Information c. Program d. System

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In gathering audit evidence, a competent evidence must be relevant, reliable and _______ a. brief b. controlled c. sufficient d. real

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A contract document which defines the terms and scope of the audit engagement is called; a. Audit engagement lettter b. Audit response letter c. Audit document d. Audit form

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The principle of _______ provides that an accountant must not perform professional responsibilities for his personal advantage or that of third parties.

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The principle of _______ provides that an accountant must not perform professional responsibilities for his personal advantage or that of third parties. a. professionalism b. responsibility c. confidentiality d. authority

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The computer programs used by the audit to extract information from a client\'s computer-based information system is; a. Computer assisted audit techniques b. Electronic auditing system c. Audit software d. Forensic audit

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The state of mind that permits the provision of an opinion without being affected by influences that compromise professional judgment, allowing an individual to act with integrity, and exercise objectivity and profession scepticism is called; Question 4An...

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The auditing profession needs audit regulation for all these except; Question 6Answer a. to ehnance the credobility of financial statements b. to protect public interest c. to increase profits made by organizations d. to comply to ethical boundaries and c...

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_______ is the chance that the auditor reaches a wrong conclusion on the area under audit. Question 7Answer a. Audit risk b. Area risk c. Professional risk d. Conclusion risk

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When using the work of an expert, the auditor should obtain sufficient appropriate audit evidence that such work is adequate for the purposes of the audit. An expert in this context could be the following except _________ Question 10Answer a. stockbrokers...

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In audit independence and objectivity, IFAC Code describes it as Question 1Answer a. Independence in funding of activity b. Independence in appearance c. Having a position to make an unbiased view point d. independence in fact

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The subject matter of an assurance engagement can take many forms as listed below except; Question 2Answer a. Systems and processes b. Behaviour c. Quality engagement d. Physical characteristics

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Those controls which involve ensuring that all transactions are authorized, completely captured, correctly recorded and accurately processed. Procedures include checking the arithmetical accuracy of the records, reconciliations, use of control accounts, s...

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The types of standards issued by Internertional Audit and Assurance Standards Board but not Question 8Answer a. International Standards on Review Management b. International Standards on Assurance Engagements c. International Standards on Review Engagemen...

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An act of omission which occurs because the person concerned failed to exercise that degree of reasonable skills and care which is reasonably to be expected in the circumstances of the case is referred to as? Question 9Answer a. Duty of care b. Auditors w...

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An examination and review of the internal procedures and records of an organization, in order to ascertain their reliability as a basis for compiling the final accounts is called; Question 10Answer a. Annual audit b. Assets audit c. Procedural audit d. Li...

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Corporations can be either ____________-owned or privately-owned, and corporations can organize either for-profit or not-for-profit. Question 1Answer a. employ b. partnership c. individual d. government

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A policy as the objectives, the mode of thought and the body of ________ underlying the activities of an organization. Question 7Answer a. control b. law c. principle d. government

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What is typically the highest throughput on a storage device? Question 1Answer a. it depends on the storage device b. random access c. random and sequential access have the same throughput d. sequential access

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What is the primary function of the CPU in a computer system? Question 2Answer a. Data output b. Data manipulation c. Data storage d. Data input

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How is data recorded on a hard disk? Question 5Answer a. Physically engraved into the disk b. Fibre-Optics c. Electromagnetically in concentric circles or \"tracks\" d. By using laser technology

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What is a common seek time range for storage devices? Question 6Answer a. between 30 and 40 milliseconds b. between 10 and 20 milliseconds c. between 0 and 10 milliseconds d. between 20 and 30 milliseconds

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What is the typical weight of a USB flash drive? Question 7Answer a. Less than 56g b. 56g c. Over 56g d. Varies

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What does the extension of a file typically reflect? Question 9Answer a. The software used to create the file b. The content of the data stored in the file c. The user\'s given name d. The type of file

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How is the average latency of a hard disk drive typically calculated? Question 10Answer a. Min latency + Max latency / 2 b. Min latency - Max latency / 2 c. Min latency + Max latency / 4 d. Min latency - Max latency / 4

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What is the purpose of a computer in a telecommunications system? Question 1Answer a. To process data b. To manage input and output activities c. To control other functions of the communication network d. To send or receive data

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What is the method of data processing where data about a single transaction is processed immediately it is captured? Question 3Answer a. None of the above b. Online Processing c. Client/Server Computing d. Batch Processing

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How does file system help in the early days of data processing? Question 4Answer a. File systems were really an early attempt to decentralize the manual systems b. File systems were really an early attempt to computerize the manual systems c. File systems...

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What is a transaction file? Question 5Answer a. A collection of transaction records that stores records that have a limited useful lifetime. b. A collection of records that are stored on permanent storage devices. c. A collection of permanent records that...

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What is the main cause of the problem of Difficulty of Data-Sharing? Question 6Answer a. Program-Data Dependence b. Difficulty of relating data in one file with that of another within one or several departments where files are kept c. Data Redundancy d. N...

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What are the advantages of Distributed Data Processing? Question 7Answer a. All of the above. b. Modularity, Easy Integration c. Ability to share data, Greater reliability d. Better response time, Data processing is closer to the end user.

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What is the role of communications software in a telecommunications system? Question 9Answer a. To send or receive data b. To control input and output activities c. To manage other functions of the communication network d. To process data

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What are the changes that can be made to a master file? Question 10Answer a. Only update of records b. Addition of records, deletion of records, or update of records. c. Only addition of records d. Only deletion of records

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What is the role of data definition language in DBMS? Question 2Answer a. To provide backup and recovery of data in the database b. To define the data as it appears in the database before it is translated into the forms required by application programs c....

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What level of education is typically required to become an IT architect? Question 3Answer a. Bachelor\'s Degree in Information Systems or a related field b. A Ph.in Information Systems or a related field c. A Diploma d. A Master\'s Degree in Information S...

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What is the purpose of a call center? Question 7Answer a. To answer subscriber calls for order processing, billing enquiries, fault reporting and general inquiries b. To design and fabricate a product that meets a specified performance requirement c. To d...

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What is an advantage of e-commerce for organizations in terms of customers? Question 8Answer a. It limits organizations to only have customers in a specific region b. It does not affect the customer base of organizations c. It allows organizations to have...

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How has the Internet changed the way we do business? Question 9Answer a. It has made it easier to compare suppliers and check on competitors b. It has made it more expensive to do business c. It has made it more difficult to compare suppliers and check on...

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What is an event in VB programming? Question 10Answer a. An action taken by the system or user b. A property of an object c. A method of an object d. An object on a Form

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Major instrument of Fiscal policy in Nigeria are: Question 3Answer a. Taxation and government expenditure b. Internal borrowing and crude oil sale c. Government expenditure and investment in foreign trade d. Taxation and Royalty from Minning

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The use of government spending and taxation policies to regulate economic activities is referred to as: Question 2Answer a. Modern policy b. Physical policy c. Monetary policy d. Fiscal policy

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Public Financial Management is about: Question 4Answer a. Government income and budget b. Government forecast and expenditure c. Government budget and planning d. Government income and expenditure

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Public Financial Management is a specilised, functional area found under the general classification: Question 5Answer a. Public Administration and Finance b. Public Administration and Taxation c. Public Administration and Management d. Public Administrati...

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One of the following is not a cannon or principle of taxation Question 6Answer a. Porpularity and Quantity of product b. Simplicity and Flexibility c. Convenience and Economy d. Equity and Certainty

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The management of the economy is done through..............policy Question 9Answer a. planning policy b. poverty policy c. fiscal policy d. Capital policy

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According to Adolf Wagner, increase in government expenditure is due to three factors Question 10Answer a. Economic activities of the State, Political functions and Administrative and protective actions b. Social activities of the State, Welfare functions...

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The Cash basis of accounting is a system where: Question 1Answer a. The receipts are recorded when service is received while expenditures are recorded when cash is paid b. The receipts are recorded only when cash is received while expenditures are recorde...

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A balance budget is when: Question 2Answer a. Presumed excess of revenue projections over estimate expenditure b. If the expected income outweigh projected expenditure by slight mergin c. Revenue projection and expected expenditures in a budget are presum...

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Over 70 percent of Federal Government collected revenue since the 1970s come from: Question 3Answer a. Oil revenue b. Import duties and Excise duties c. Value Added tax d. Export duties

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Audit is an important tool used to ensure proper........of public funds Question 4Answer a. Control b. public funding c. funds flow d. management

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One of the followings is not a source of revenue to State Government Question 5Answer a. Non-statutory grants b. Capital grant from federal government c. Import, Export, Excise duties and fees d. Statutory appropriations from the federation account

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Revenue sharing formula in Nigeria is grouped into: Question 6Answer a. Traditional formula and Modern formula b. Non of the above c. Direct formula and Indirect formula d. Vertical formula and Horizontal formula

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One of the following is not a classificaion of government expenditure Question 8Answer a. Agriculture and Commerce b. Defense and Social aminities c. Administration of law and Order d. Economic development and miscellaneous

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One of these is not among budgeting objectives .. Question 3Answer a. Expenditure b. Evaluation c. planning d. Control

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The manipulation of government expenditure and taxation to improve economic performance is called....... Question 4Answer a. land policy b. welfare policy c. fiscal policy d. employment policy

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.........is a form of debt owed by the government to institutions Question 6Answer a. public spending b. public funding c. funds disbursement d. public debt

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The discription of government intentions and policies presented by financial plan for a given period of time is called: Question 7Answer a. Government Statement b. Government proposal c. Government budget d. Government Estimate

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Tax evasion refers to a situation where: Question 8Answer a. The tax payer uses illigal means to reduce his tax liabilities to the tax authority b. The tax payer uses ligal means to increase his tax liabilities to the tax authority c. The tax payer uses i...

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The manipulation government expenditure and taxation is called........ Question 9Answer a. employment policy b. fiscal policy c. welfare policy d. land policy

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The remedies available to a Principal in and agency include Question 1Answer a. Private prosecution b. Action in Tort c. Rescission and Damages d. All of the above

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what is an inferior court

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In Nigeria there are generally two categories of courts in relation to the judicature. These are the superior cours and the inferiors. It is said that superior courts maintain a great tradition as against the inferior courts. So what is an inferior court?...

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The sale of stolen goods took place in a market overt in the morning when the sun had not risen and it was still only half light. The court held that the goods should have been sold in day time when all who passed could see the goods. This was held in the...

1 year ago

A group of four Nigerians approached you to register Chat-up Airlines Ltd. The company does not wish to issue all the shares. What is the minimum amount it must issue if the authorised share capital is N100 million at par value of N1.00 per share? Questio...

1 year ago

Where the hirer under the relevant hire purchase agreement is in default, in consequence of which a notice has been served on him, a refusal to deliver up the goods activate the owner\'s right of action. What section of Hire Purchase Act is in issue here...

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There exist an ____________ warranty that the hirer shall have and enjoy quiet possession of the goods. Question 8Answer a. implied warranty b. Implied condition c. Express warranty d. None of the above

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An inquest must be held only at the Supreme Court of Nigeria Question 1Answer a. They are held in all courts b. They are held only at the District courts in the North c. True\' d. False\'

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Consideration is executed if the act is or has been performed in return for a promise. It is executory if the offer as well as acceptance remains within the domain of promises and as to liability Question 2Answer a. Both parties are liable b. Only the off...

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In action for recovery of goods under a hire purchase agreement, the court in the exercise of its inherent powers and jurisdiction can dish out orders including the following to the exclusion of one Question 3Answer a. Transfer of title to hirer without d...

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Under the general law regime, the owner constitutes himself into a principality and power and ferociously unleashes impunity on the hirer. Happily, the Hire Purchase Act came to the rescue by doing away with the owner\'s right of repossession outrightly Q...

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Laws are classified according to the weight of their aurthority. For example, the National Open University Act Cap N63 LFN 2004 is an example of Question 5Answer a. Judicial material b. Opinion of exper c. Secondary source d. Primary source

1 year ago

Prof DoSomething works with the NOUN. He acquired on hire purchase the latest Toyota Fortuner to mark the wife\'s 40th birthday. One week after the birthday bash the vehicle could not be delivered. What are his options? Question 6Answer a. He should repor...

1 year ago

All, save one, of the following constitute the obligations incumbent on the owner of the subject matter of a hire purchase transaction or agreement Question 8Answer a. Delivery of the goods b. Fitness for purpose of the goods c. Possession of a good title...

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Agency arising out of agreement will always be consensual but it need necessarily be contractual. This statement simpl ordains that Question 1Answer a. Agency can be gratuitous b. Consideration need not be present c. Absence of obligation as to duty d. Al...

1 year ago

Where the price of a contract for the sale of goods is to be fixed or determined by a third party valuation and the third party fails to discharge this duty, the contract is to be

1 year ago

Where in a purported sale necessaries are put to the use of an infant, or persons under delirium tremens, the requirement is for such a person to

1 year ago

Under the Sale of Goods Act, existing goods have been defined as goods owned or possessed by the seller. Following this defintion, can it be said that the word existing has the same meaning with in existence in an everyday sense? Question 6Answer a. FALSE...

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One of the following is not a requirement for one to be enrolled in the register of the Supreme Court of Nigeria as a Solicitor and Barrister in Nigeria: Question 8Answer a. He produces a qualifying certificate b. He has not changed his or her name c. He...

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The tests of custom in the province of agency are but one Question 9Answer a. notoreity b. certainty c. knowledge d. uniformity

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One of the following is not one of the basic rules for determing when the property in the goods under a sale of goods contract passes Question 10Answer a. Intention of the parties is paramount b. The nationality of the seller must be known c. Property doe...

1 year ago