MCQ Collection
AJKPSC Accounts Audit Finance MCQs
Practice AJKPSC Accounts Audit Finance questions with answers and explanations.
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Correct Answer: B. software used to create and edit text documents
Explanation:
word processor refers to software used to create and edit text documents
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Correct Answer: B. This method is more efficient than the old one.
Explanation:
“More efficient than” is the correct comparative construction.
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Correct Answer: C. 101
Explanation:
96 + 5 = 101.
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Correct Answer: C. 63
Explanation:
57 + 6 = 63.
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Correct Answer: D. recognition of income or expense when earned or incurred rather than only when cash moves
Explanation:
accrual refers to recognition of income or expense when earned or incurred rather than only when cash moves
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Correct Answer: D. control risk
Explanation:
control risk is the term that matches the description: the risk that internal controls fail to prevent or detect a misstatement
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Correct Answer: C. an estimated liability of uncertain timing or amount
Explanation:
provision refers to an estimated liability of uncertain timing or amount
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Correct Answer: B. watching a process or procedure being performed
Explanation:
observation refers to watching a process or procedure being performed
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Correct Answer: A. 8
Explanation:
Divide both sides by 3: x = 24/3 = 8.
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Correct Answer: D. audit evidence obtained directly from an independent third party
Explanation:
confirmation refers to audit evidence obtained directly from an independent third party
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Correct Answer: C. 9
Explanation:
5% of 180 = 5/100 × 180 = 9.
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Correct Answer: B. substantive procedure
Explanation:
substantive procedure is the term that matches the description: an audit procedure designed to detect material misstatements