MCQ Collection
AJKPSC Accounts Audit Finance MCQs
Practice AJKPSC Accounts Audit Finance questions with answers and explanations.
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Correct Answer: A. a representation embedded in financial information
Explanation:
management assertion refers to a representation embedded in financial information
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Correct Answer: D. operating system
Explanation:
operating system is the term that matches the description: software that manages hardware and provides services to applications
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Correct Answer: C. presentation software
Explanation:
presentation software is the term that matches the description: software used to create slide-based visual presentations
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Correct Answer: D. a tax imposed on transactions, goods or services
Explanation:
indirect tax refers to a tax imposed on transactions, goods or services
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Correct Answer: A. bank reconciliation
Explanation:
bank reconciliation is the term that matches the description: a comparison of cash-book and bank-statement balances
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Correct Answer: D. a financial plan of expected revenue and expenditure
Explanation:
budget refers to a financial plan of expected revenue and expenditure
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Correct Answer: B. comparing independent records and resolving differences
Explanation:
reconciliation refers to comparing independent records and resolving differences
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Correct Answer: B. a statement of assets, liabilities and equity at a point in time
Explanation:
balance sheet refers to a statement of assets, liabilities and equity at a point in time
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Correct Answer: B. current assets divided by current liabilities
Explanation:
current ratio refers to current assets divided by current liabilities
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Correct Answer: A. equity
Explanation:
equity is the term that matches the description: the residual interest in assets after deducting liabilities
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Correct Answer: D. payable
Explanation:
payable is the term that matches the description: an amount the entity owes to another party
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Correct Answer: C. disclaimer of opinion
Explanation:
disclaimer of opinion is the term that matches the description: a statement that sufficient evidence was not obtained to form an opinion