KPPSC Accounts Audit Finance MCQs

revenue expenditure refers to spending whose benefit is mainly consumed in the current period

Simple interest = P×R×T/100 = 7800×10×4/100 = 3120.

audit evidence is the term that matches the description: information used by an auditor to support conclusions

20% of 160 = 20/100 × 160 = 32.

trial balance refers to a list of ledger balances used to check debit–credit equality

capital expenditure refers to spending that creates or improves a long-term asset

Simple interest = P×R×T/100 = 5600×8×2/100 = 896.

expense refers to a cost consumed in earning revenue

internal control refers to a process designed to support reliable reporting, operations and compliance

indirect tax refers to a tax imposed on transactions, goods or services

double-entry system refers to recording each transaction with equal debit and credit effects

prudence is the term that matches the description: careful judgement under uncertainty without deliberate bias