MGS 515 | Study Mode

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Question 1

Accounting involves the following process except

Identification

Measurement

Classification

Networking

Summarization

Explanation

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Correct option: D

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Question 2

Accounting can be fined as a process by which data relating to economic activities of an organization are Collected, recorded, analysed, and presented to __________________

Managers of the Organization

Investors

Customers

Users of financial information

Marketers

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: D

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Question 3

One of the following is a fundamental objective of cooperate report

Appraise the Management team

Communicate such information to those having reasonable rights to the report

Intimidate competitors

Evade tax

Conceal the secrets of the organization

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: B

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Question 4

The following people might be interested in financial information about a large public company except

trade contacts

financial analyst and advisors

government agents

employee of the company

None of the above

Explanation

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Correct option: E

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Question 5

Which of the following is not a characteristics of a reliable and useful business financial report?

Relevance

Completeness

Comprehensibility

Comparability

None of the above

Explanation

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Correct option: E

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Question 6

NASB stands for

National Accounting Standard Board

Nigerian Association for Standard Business

Nigerian Accounting Standard Board

Nigerian Accounting Standard Body

National Accounting Standard Body

Explanation

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Correct option: C

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Question 7

_________________ ensures a business is not expected to be liquidated in the foreseeable future?

Entity Concept

Going Concern

Periodicity

Realization

Matching

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: B

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Question 8

__________________ ensure a limited company is separated from it's owner?

Entity Concept

Going Concern

Periodicity

Realization

Matching

Explanation

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Correct option: A

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Question 9

Which of the following concept ensure business is divided into accounting periods?

Entity Concept

Going Concern

Periodicity

Realization

Matching

Explanation

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Correct option: C

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Question 10

__________________ establishes the role for the periodic recognition of revenue as

It become virtually certain that cash will be received from the customer
Cash is actually received.

Entity Concept

Going Concern

Periodicity

Realization

Matching

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: D

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