MCQ Collection
PPSC Accounts Audit Finance MCQs
Practice PPSC Accounts Audit Finance questions with answers and explanations.
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Correct Answer: D. net profit
Explanation:
net profit is the term that matches the description: profit remaining after all relevant expenses
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Correct Answer: B. watching a process or procedure being performed
Explanation:
observation refers to watching a process or procedure being performed
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Correct Answer: A. going concern
Explanation:
going concern is the term that matches the description: the assumption that an entity will continue operating for the foreseeable future
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Correct Answer: A. contra entry
Explanation:
contra entry is the term that matches the description: an entry affecting both cash and bank columns in a cash book
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Correct Answer: D. 21
Explanation:
The sum is 105 and there are 5 values, so the average is 21.
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Correct Answer: D. consistency
Explanation:
consistency is the term that matches the description: using accounting policies consistently across periods unless change is justified
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Correct Answer: A. examining records, documents or tangible assets
Explanation:
inspection refers to examining records, documents or tangible assets
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Correct Answer: D. qualified opinion
Explanation:
qualified opinion is the term that matches the description: an opinion modified for a material but not pervasive issue
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Correct Answer: A. the book of original entry
Explanation:
journal refers to the book of original entry
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Correct Answer: D. accrual
Explanation:
accrual is the term that matches the description: recognition of income or expense when earned or incurred rather than only when cash moves
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Correct Answer: D. budget deficit
Explanation:
budget deficit is the term that matches the description: the amount by which expenditure exceeds revenue
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Correct Answer: B. the right side of a ledger account
Explanation:
credit refers to the right side of a ledger account