MCQ Collection
BPSC Accounts Audit Finance MCQs
Practice BPSC Accounts Audit Finance questions with answers and explanations.
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Correct Answer: D. inherent risk
Explanation:
inherent risk is the term that matches the description: susceptibility to misstatement before considering controls
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Correct Answer: C. spreadsheet
Explanation:
spreadsheet is the term that matches the description: software organised around cells, rows and columns for calculation
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Correct Answer: D. closing inventory
Explanation:
closing inventory is the term that matches the description: inventory remaining at the end of an accounting period
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Correct Answer: D. government income from sources other than taxes
Explanation:
non-tax revenue refers to government income from sources other than taxes
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Correct Answer: A. receivable
Explanation:
receivable is the term that matches the description: an amount owed to the entity
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Correct Answer: B. an opinion modified for a material but not pervasive issue
Explanation:
qualified opinion refers to an opinion modified for a material but not pervasive issue
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Correct Answer: D. spending whose benefit is mainly consumed in the current period
Explanation:
revenue expenditure refers to spending whose benefit is mainly consumed in the current period
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Correct Answer: A. information used by an auditor to support conclusions
Explanation:
audit evidence refers to information used by an auditor to support conclusions
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Correct Answer: A. goods held for sale or use in production
Explanation:
inventory refers to goods held for sale or use in production
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Correct Answer: D. 21
Explanation:
15 + 6 = 21.
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Correct Answer: A. swift
Explanation:
“swift” is a synonym of “rapid”.
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Correct Answer: D. working capital
Explanation:
working capital is the term that matches the description: current assets minus current liabilities