KPPSC Accounts Audit Finance MCQs

prepayment refers to payment made before the related benefit is consumed

“industrious” is a synonym of “diligent”.

accrual is the term that matches the description: recognition of income or expense when earned or incurred rather than only when cash moves

87 + 9 = 96.

subsidy refers to financial support intended to reduce cost or encourage an activity

payable is the term that matches the description: an amount the entity owes to another party

internal control is the term that matches the description: a process designed to support reliable reporting, operations and compliance

ledger refers to the collection of accounts used to classify transactions

consistency refers to using accounting policies consistently across periods unless change is justified

detection risk is the term that matches the description: the risk that audit procedures fail to detect a misstatement

qualified opinion refers to an opinion modified for a material but not pervasive issue

57 + 6 = 63.