Explore topic-wise MCQs in Finance & Accounting.

This section includes 267 Mcqs, each offering curated multiple-choice questions to sharpen your Finance & Accounting knowledge and support exam preparation. Choose a topic below to get started.

251.

Verification of the value of assets, liabilities, the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called _________.
A. Continuous audit.
B. Balance sheet audit
C. Interim audit.
D. Partial audit.
Answer» C. Interim audit.
Discussion
252.

When a transaction has not been recorded in the books of account either wholly or partially such errors are called as _________.
A. Error of commission
B. Error of omission.
C. Compensating error.
D. Error of principle.
Answer» C. Compensating error.
Discussion
253.

Secret reserve can be created by _______________.
A. public limited company only
B. banking and financial companies only.
C. private limited company only.
D. co-operative societies
Answer» C. private limited company only.
Discussion
254.

Sale of land is a __________.
A. revenue receipt.
B. capital receipt.
C. capital expenditure.
D. revenue expenditure
Answer» C. capital expenditure.
Discussion
255.

Auditor shall report on the accounts examined by him __________.
A. to the shareholders.
B. to the court.
C. to the bank.
D. to the general public.
Answer» B. to the court.
Discussion
256.

Audit means ___________.
A. recording business transactions.
B. preparing the final accounts.
C. examination of books, accounts, vouchers etc
D. preparing final accounts.
Answer» D. preparing final accounts.
Discussion
257.

Confirmation of the court is necessary for __________.
A. increasing the share capital.
B. reduction of share capital
C. conversion of shares into stock.
D. issue of new shares.
Answer» C. conversion of shares into stock.
Discussion
258.

 The audit that is made compulsory under statute is called _________.
A. Statutory audit.
B. Partial audit.
C. Complete audit.
D. Continuous audit.
Answer» B. Partial audit.
Discussion
259.

For which of the following, Audit is optional?
A. Trusts
B. Joint stock companies.
C. Proprietorship concern.
D. None of the above
Answer» D. None of the above
Discussion
260.

Auditing begins where ______ ends.
A. Selling
B. inventory valuation
C. Accounting
D. Purchases
Answer» D. Purchases
Discussion
261.

Internal auditor is appointed by ________.
A. the management.
B. the shareholders
C. the government.
D. he statutory body.
Answer» B. the shareholders
Discussion
262.

Voucher relates to _________.
A. cash receipt.
B. cash payment.
C. credit transactions.
D. all the above.
Answer» E.
Discussion
263.

Before the work of audit is commenced, the auditor plans out the whole of audit work is called _________.
A. Audit plan.
B. Audit note.
C. Audit risk.
D. Audit programme.
Answer» E.
Discussion
264.

 

This kind of audit is conducted generally between two annual audit ______.
A. internal audit.
B. interim audit
C. final audit.
D. continuous audit.
Answer» C. final audit.
Discussion
265.

Instruction of audit issued by controller and auditor general of India ________.
A. statutory audit.
B. final audit.
C. management audit.
D. government audit.
Answer» E.
Discussion
266.

Which of the following is not a kind of audit?
A. Statutory and private audit.
B. Government and continuous audit.
C. Continuous, final, Interim, Cash, Cost and Management audit.
D. None of these.
Answer» E.
Discussion
267.

__________ is a systematic examination of the books and records or a business
A. Auditing
B. Vouching
C. Verification
D. Checking
Answer» B. Vouching
Discussion