KPPSC Accounts Audit Finance MCQs

credit refers to the right side of a ledger account

management assertion is the term that matches the description: a representation embedded in financial information

The sum is 100 and there are 4 values, so the average is 25.

control risk refers to the risk that internal controls fail to prevent or detect a misstatement

consistency is the term that matches the description: using accounting policies consistently across periods unless change is justified

5% of 280 = 5/100 × 280 = 14.

depreciation is the term that matches the description: systematic allocation of a depreciable asset’s cost over useful life

direct tax is the term that matches the description: a tax imposed directly on income, wealth or profits

Simple interest = P×R×T/100 = 6000×4×4/100 = 960.

“modern” is the antonym of “ancient”.

inventory refers to goods held for sale or use in production

operating system refers to software that manages hardware and provides services to applications