Basic Concepts of Auditing and Accounting Test Online

Basic Concepts of Auditing and Accounting Test Online

Basic Concepts of Auditing and Accounting Test

Total Questions: 41
Time Allowed: 20 Minutes
Total Marks: 41
How to Attempt Test: Please choose the right Option in MCQ-type question.
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1. Which of the following is the primary purpose of financial accounting?

2. Which of the following is NOT an accounting concept?

3. Which of the following is an example of an external user of financial information?

4. Which of the following is included in the statement of cash flows?

5. Which of the following accounts is typically classified as a current liability?

6. Which of the following is a characteristic of an internal auditor’s role?

7. What does the term 'audit' refer to in accounting?

8. Which of the following is a key responsibility of an external auditor?

9. Which of the following is NOT part of an auditor's role in an audit?

10. Which of the following is NOT a type of audit opinion?

11. What is the term for the allocation of the cost of a fixed asset over its useful life in accounting?

12. Which of the following financial statements provides information on a company’s financial position at a specific point in time?

13. Which of the following is included in the auditor’s responsibility during an audit?

14. What is the primary objective of internal auditing?

15. Which of the following accounting principles is used to recognize revenue when earned rather than when received?

16. What is the purpose of the matching principle in accounting?

17. What is the purpose of the 'matching principle' in accounting?

18. Which of the following is the primary purpose of accounting?

19. What does 'capital budgeting' refer to in accounting and auditing?

20. Which of the following is an example of a non-operating expense?

21. What is the role of 'depreciation' in accounting?

22. What does the term 'materiality' refer to in accounting and auditing?

23. What is the 'conservatism principle' in accounting?

24. Which of the following is considered a current liability in accounting?

25. What does the term "revenue recognition" mean in accounting?


 

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