Accounting MCQs

A. Teeming and lading
B. Looping
C. Embezzlement
D. Hacking

A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication

A. Management fraud is more difficult to detect than employee fraud
B. Internal control system reduces the possibility of occurrence of employee fraud and management fraud
C. The auditor’s responsibility for detection and prevention of errors and frauds is similar.
D. All statements are correct.

A. By independent auditor
B. Statutorily appointed auditor
C. By a person appointed by the management
D. By a government auditor

A. Shareholders
B. Management
C. Government
D. Law

A. Statutory audit
B. Balance sheet audit
C. Concurrent audit
D. All of the above

A. Capital
B. Loan
C. Drawing
D. None of these

A. Yes
B. No
C. Transactions can’t be omitted
D. None of these

A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle

A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically capital+liabilities=assets