2021_1 TMA Questions & Answers: ACC407/ ACC405 Accounting & Auditing For Cooperatives

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Jed
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2021_1 TMA Questions & Answers: ACC407/ ACC405 Accounting & Auditing For Cooperatives

Postby Jed » Sat Jul 10, 2021 9:45 am

2021_1 TMA Questions & Answers: ACC407/ ACC405 Accounting & Auditing For Cooperatives



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[ACC407] _______ is an account which contains the summary of entries in the individual accounts in each ledger.
Control account

[ACC407] All of the following errors do not affect the trial balance except________
Transportation error

[ACC407] The following are credit entries in the creditors control account except
Discount received

[ACC407] The essential books of account of a cooperative society include the following except ____________
Shareholders register

[ACC407] ______ is an example of a subsidiary ledger report in cooperative accounting
Members statement of account

[ACC407] The following are debit entries in the receivable control account except ________
Discount allowed

[ACC407] Data from source documents are first recorded in _______
Subsidiary books

[ACC407] _______ is a list of all the balances in the ledger
Trial balance

[ACC407] The following are sample reports in a cooperative accounts under operational reports except
Members subsidiary ledger account

[ACC407] Assets in the statement of financial position could be stated in the following except _________
Realisable value





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Jed
Posts: 1654
Joined: Tue Oct 10, 2017 6:37 pm
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Re: 2021_1 TMA Questions & Answers: ACC407/ ACC405 Accounting & Auditing For Cooperatives

Postby Jed » Sat Jul 10, 2021 9:46 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788


[ACC407] Under the _________ convention, judgment in accounting should be based on facts and figures only without bias
Objectivity

[ACC407] The first stage in the Accounting cycle is
Data recording

[ACC407] ________ are specific audit engagements other than the statutory audit to meet the requirements of particular laws and regulations
Compliance Audit

[ACC407] Which of these is not classified under owner’s equity?
None of the above

[ACC407] The following are example of Capital expenditure except
Direct labor cost

[ACC407] _______ is an appraisal audit to provide assurance over the effectiveness of internal controls, risk management and governance by an organisation
Internal Audit

[ACC407] The system of funding petty cash which reimburses the petty cashier with the total amount expended is known as ________
The imprest system

[ACC407] Instead of the capital account or owners equity in profit oriented organizations, we have the _______ in non-profit organizations.
Accumulated fund

[ACC407] Accounting conventional include the following except __________
Resource Fullness

[ACC407] Capital receipt comprise the following except _________
Interest in deposit




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Jed
Posts: 1654
Joined: Tue Oct 10, 2017 6:37 pm
Contact:

Re: 2021_1 TMA Questions & Answers: ACC407/ ACC405 Accounting & Auditing For Cooperatives

Postby Jed » Sat Jul 10, 2021 9:46 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788


======
ACC407
======

1. If the auditor believes that financial statements should not be relied upon, the material ______________

Not material

--->> Pervasive

Limited in scope

None of the above

2. Findings from a _________ audit could be used in the court of law as expert opinion on financial matters

Compliance

--->> Forensic

Internal

Regulatory

3. When the effect of a disagreement is very material pervasive to the financial statement, the cooperative auditor expresses ___________

Qualified opinion

Disclaimer opinion

--->> An adverse opinion

No opinion

4. The following are elements of the fraud in angle except_______

Opportunity

--->> Capability

Pressure

Nationalisation

5. The following are classifications of the modified audit report except __________

Adverse Audit Report

--->> Unqualified Audit Report

Qualified Audit Report

Disclaimer Audit Report

6. The International Auditing Guideles No ________outline the essential features of an audit repair

IAG25

IAG42

--->> IAG13

IAG26

7. The attribute of ________ of the cooperative auditor requires him to examine financial statements critically

Objectivity

Integrity

--->> Professional scepticism

Confidentiality

8. Section _______ of the Cooperative society Ait, 2004 made provision for the audit of cooperative socitie in Nigeria

50

60

--->> 36

45

9. The situation in which the auditor has not been able to obtain sufficient appropriate evidence is called ______

Limitation in agreement

Inadequate scope

--->> Limitation in scope

Disagreement

10. __________ require that the co-operative auditor make judgement based on facts and figure and not allowed bias, conflict of interest to cloud his judgement

--->> Objectivity

confidentiality

Integrity

Professional





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