AJKPSC Accounts Audit Finance MCQs

inventory refers to goods held for sale or use in production

closing inventory is the term that matches the description: inventory remaining at the end of an accounting period

going concern refers to the assumption that an entity will continue operating for the foreseeable future

ledger refers to the collection of accounts used to classify transactions

audit risk refers to the risk of an inappropriate audit opinion when statements are materially misstated

external audit is the term that matches the description: an audit performed by an independent external auditor

capital budget refers to budgeting for long-term assets and development expenditure

budget deficit refers to the amount by which expenditure exceeds revenue

public debt refers to outstanding borrowing of government

qualified opinion is the term that matches the description: an opinion modified for a material but not pervasive issue

qualified opinion refers to an opinion modified for a material but not pervasive issue

“rare” is a synonym of “scarce”.