Accounting MCQs

A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal

A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return

A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day book

A. International accounting standards board
B. International federation of accountants
C. International standards board
D. Auditing practices board

A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. Maintaining the ledger records

A. Risk of over reliance
B. Risk of incorrect rejection
C. Risk of incorrect acceptance
D. Both a and c

A. The auditor has ascertained that the balance is materially correct when in actual fact it is not
B. The auditor concludes the balance is materially misstated when in actual fact is not
C. The auditor has rejected an item from sample which was not supported by documentary evidence
D. He applies random sampling on data which is inaccurate and inconsistent

A. The auditor
B. The client
C. The audit assistants
D. The auditor and his audit assistants

A. Evidence for audit conclusions
B. Owned by the client
C. Owned by the auditor
D. Retained in auditor’s office until a change in auditors

A. Management’s integrity
B. Auditor’s experience and professional judgment
C. Auditor’s qualification
D. Control risk