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WorksheetsBT - Ch-8 History and Role of Accounting
Total questions: 67
Worksheet time: 2hrs 30mins
The financial manager is Responsible for ...................... And ........................ Of a Company.
Banking and Cash
Raising funds and Controlling financial
Purchases and production
Data and reports
When Auditors are agree with the Financial Statement prepaid by the Company they issue a.................... Report
Uncorrected Report
Qualified Report
Management attention report
Unqualified Report
Internal Auditors are ............................... Of the company.
Cops
Non Executive Directors
Financial advisors
Employees.
Internal Auditors report on the effectiveness of .................................system.
Security
Internal control
Legal
External credit Control
................................... Are required by law to prepare and publish accounts annually.
Sole proprietorship
Partnership
Limited Companies
Everyone who do trade.
…………………………….is a way of recording, analyzing and summarizing transactions of a business.
Accounting
Auditing
Statistics
Corporate Reporting
The Transaction are recorded in …………………..
Book of Credit Entry
General Record book
Book of Prime Entry
Cash book
Transaction are analyzed and posted in Inventory ledger
True
False
Final Transitions are Summarized in the ……………………
Bank statement
Financial Statement
Profit and loss Account
Purchase Register
Accounts are produce to aid management in planning, control and Decision making, and to comply with statutory Regulation.
True
False
1494............................... Explained the first written double entry system of book keeping.
Karl Marks
Leonardo de venci
Luca Pacioli
Mintzberg’s
Some companies provide voluntarily specially prepared financial information for the issue for their employees this report is called. ...........................................
Auditor Report
Performance Report
Worker Stake and benefit Report
Employees Report
The head of Accounts Department post in UK is usually called. .............................
Chief Accountant
Management Accountant
Chartered Accountant
Finance Director
What are the Responsibilities of Financial Controller? Gave the best answer.
A. Routine Accounting
B. Provide Accounting Report for the other Departments C. Cashier duties and cash control
A and B
B ad C
All of the above
None of the above
Which one of the following is not the job of Management Accountant?
Cost accounting
Prepare Financial Statement for the Stake holders
Budgets and budgetary control
Financial management of projects
Which of the following is not the duty of Treasurer?
Budgets and Cost accounting
Rising Funds
Cash flow control
Investing surplus funds on the money market.
Financial statement is prepared on the basis of no of......................... Concept
Fundamental Accounting
Accrual
Future Profitability
Corporate law
Many Figures in the financial statement are derived from the application of........................ In putting fundamental accounting concept into practice
Judgment
Going Concern
Accruals
Trust
The Statement of financial position must give a .................... View of the state affair of the company as at the end of the financial year.
Complete
Accountable
True and Fair
Lawful
Proper Financial control ensures that the business is adequately.......................... To meet its obligations.
Financed
Balanced
Ready
Accountant
Teeming and lading mean where Receipts for customers are misappropriated and this is then covered up by misposting future receipts.
True
False
A ...................... Is a program which deal with one particular part of a business accounting system
Software
Module
Record
Inventory System
Which of the following is not a Module of accounting system?
Payables ledger
Payroll
Electric Generator
Report Generator
Set of Several Modules is known as......................
Pairs
Module system
Data base
Suite
When financial statement is prepared with too much detail it is also a ……………………………..
A defect which can cause difficulties of understanding
Quality of account
Standard system of presenting accounting records
None of the above
Which of the following is not the section of financial accounts department?
Payroll
Research and development
Purchase ledger
Sales ledger and credit control
One of the key responsibility of the internal auditor is to control the risk of ……………………. And ………………………….
A. Theft
B. Fraud
C. Error
D. Accounting Error
A and B
A and C
B and C
C and D
Accounting Standard (and company law) prescribe that a company should ……………………………………………………
Prepare accounts on the basis and needs of its requirement.
Prepare accounts to show positive activities in the company.
Prepare accounts that not disappoint the stake holders.
Produce accounts to be presented to the shareholders.
Financial management is a separate discipline from both management and financial accounting?
True
False
Which of the following are not the decisions of the financial managers?
Should the firm borrow from a bank or raise funds by issuing right shares.
What will be the new recruitment policy of the company
How much should be paid as a dividend and bonus.
How much credit and discount to paid to the customers.
IASB was setup in 1973 to work for the improvement and harmonization of financial reporting.
True
False
What does GAAP stand for?
Group audit and accountancy policy
Generally accepted audit policy
Generally accepted accounting principles
Guidelines for accepted accounting principles
Accounting standards fails to eliminate subjectivity.
True
False
Accounting concepts are applied by individuals using their subjective judgment.
True
False
Once the goods have been dispatched to the customer. Responsibility then passes to the …………………………………….to invoice the customer for the goods and to ensure that payment is received.
Production department
H.R department
Purchasing department
Accounts department
Which of the following personnel in an organization would not be involved in the purchase of materials?
Credit controller
Accountant
Stores manager
Purchasing manage
Financial control procedures exist specifically to ensure that. State the one which is incorrect.
Financial transactions are properly carried out
The assets of the business are safeguarded
Accurate and timely management information is produced
Effective human recourse will be adopted for best results.
Following are the weakness of effective financial control? State the one which is incorrect.
Customer fails to pay in time.
Supplier are not paid in time
Effective credit control procedure.
Unauthorized purchases being made. E. Cash and cheques are being missing.
Which of the following are the standing data in the payroll files?
Gave the best 2 answers?
A. Personal details
B. Rate of pay
C. Details of deduction
D. Gross pay to date / tax to date.
E. Holidays details
F. Pension contribution etc.
A and B
B And C
C and D
D and E
Clock card / time sheet and amount of bonus are the two main inputs in wages system of the payroll system.
True
False
Which of the following are not the user of the financial statement and accounting information?
Managers of the company
Shareholders of the company
Print & electronic media and social websites, blogs etc.
General public, govt. Suppliers and customers of the company.
The separation of ownership and control refers to the situation where the owners of the company are always different people then the director of the company.
True
False
……………………………….. Is the system by which companies are directed and controlled?
Board of directors
Management information system
Computerized accounting system
Corporate governance
The innovation perspective reports mean …………………………………
The traditional information of profits, capital employed and etc.
How well customer s wants have been satisfied
Internal efficiency of the business.
On the development of new products and service.
……………………………………. Means the traditional information of profits, capital employed etc.
Customer perspective report
Internal perspective report
Financial perspective report
Innovation perspective report
…………………………… means expanding the traditional reporting framework to take into account ecological (environment) and social performance in addition to financial performance.
Ecological reporting
Triple bottom line reporting
Total reporting
Shareholder and stakeholder reporting
Triple bottom line reporting is also known as "people, planet, profit" or "the three pillars.
True
False
A smaller company should have at least ……………………….. None executive directors? Gave the best answer.
Half
One third of total Directors
Minimum 4 of them
At least 2 of them
Do you think that a recent retired director finance of a company can be appointed as the NED of the same company?
No, it is not allowed in law
Yes he can because he is a natural person now.
Yes but the board has to gave a valid reason of its selection along with the assurance that he will remain neutral as NED.
He has served the company as finance director. He can’t hold this office.
The whole board of directors should determine the remuneration of the NEDs, or the board could delegate this responsibility to a sub-committee of the same board.
True
False
The company’s annual report should describe the work of the ……………………………….
Internal auditors
Audit committee
Rumination committee
Internal and risk control
Internal audit is not required by law.
True
False
The main role of the external auditor is to advice the management on whether the organization has a sound system of internal control?
True
False
Internal auditor covers all area of an organization. Operations, administration, billing, finance and all others have to be checked by them.
True
False
…………………… have the responsibility to advice and make recommendations on the internal control and corporate governance.
External auditors
Outsource advisors
Manager Operations
Internal auditors
Company …………………….. Have a legal requirement to produce true and fair annual financial statement.
Accountants
External auditors
Internal auditors
Directors
……………………… haves an unavoidable independence problem. They can be influenced by the top management.
Accountants
External auditors
Internal auditors
Directors
Only certain people are legally allowed to be internal auditor by law.
True
False
The …………………………. Are usually appoints by the shareholders. And they also reports to the shareholders.
Accountants
External auditors
Internal auditors
Directors
Can a company hire an external auditing firm to do its internal audit?
Yes
No
The principles of accounting in manual accounting are different from computerized accounting system.
True
False
Computer base accounting system is generally very bulky both to handle and to store.
True
False
The preparation and filing of accounts by limited companies each year is required by which of the following?
Codes of corporate governance
National legislation
International Accounting Standards
None of these
Spreadsheets too can often used both in financial accounting and cost accounting.
True
False
In term of technology which of the following come first in order of invention.
1. Digital Computer
2. Calculator
3. Spread Sheet.
1, 3 and 2
2, 3 and 1
1, 2 and 3
2, 1 and 3
A database may be described as a 'pool' of data, which can be used by any number of applications. Its use is not restricted to the accounts department.
True
False
Which of the following is not the module of an accounting package?
Gave the best answer?
A. Invoicing
B. Inventory
C. Receivables ledger
D. Payables ledger
E. All of the above.
Only A and C
B,C and D
A, B and C
E
