MCQ Collection
BPSC Accounts Audit Finance MCQs
Practice BPSC Accounts Audit Finance questions with answers and explanations.
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Correct Answer: C. net profit
Explanation:
net profit is the term that matches the description: profit remaining after all relevant expenses
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Correct Answer: A. the component that executes program instructions
Explanation:
CPU refers to the component that executes program instructions
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Correct Answer: D. a present obligation expected to require an outflow of resources
Explanation:
liability refers to a present obligation expected to require an outflow of resources
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Correct Answer: D. independent assurance and consulting activity within an organisation
Explanation:
internal audit refers to independent assurance and consulting activity within an organisation
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Correct Answer: B. systematic allocation of a depreciable asset’s cost over useful life
Explanation:
depreciation refers to systematic allocation of a depreciable asset’s cost over useful life
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Correct Answer: B. a procedure evaluating whether a control operated effectively
Explanation:
test of controls refers to a procedure evaluating whether a control operated effectively
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Correct Answer: A. adverse opinion
Explanation:
adverse opinion is the term that matches the description: an opinion that statements are materially and pervasively misstated
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Correct Answer: D. depreciation
Explanation:
depreciation is the term that matches the description: systematic allocation of a depreciable asset’s cost over useful life
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Correct Answer: B. revenue expenditure
Explanation:
revenue expenditure is the term that matches the description: spending whose benefit is mainly consumed in the current period
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Correct Answer: D. 780
Explanation:
Simple interest = P×R×T/100 = 5200×5×3/100 = 780.
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Correct Answer: B. an entry affecting both cash and bank columns in a cash book
Explanation:
contra entry refers to an entry affecting both cash and bank columns in a cash book
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Correct Answer: B. 46
Explanation:
39 + 7 = 46.