Accounting MCQs with Answers

Who coined the concept of management accounting?

1. R.N Anthony
2. James H. Bliss
3. Vint Cerf
4. Thomas Edison

Managing Accounting maintains_?

1. Ledger
2. Journal
3. Both of these
4. None of these

Wealth maximization is a ________?

1. Outdated concept
2. Long term concept
3. Temporary concept
4. Short term concept
5. All of these

Salaries, wages, depreciations, rents and utilities are used to calculate___?

1. Operating costs
2. Variable costs
3. Outdoor costs
4. Fixed costs
5. All of these

The opinion in an auditor’s report is about attesting that the financial statement are __?

1. Are in accordance with the national standards
2. Are in accordance with the international standards
3. Are free from errors, mistakes, or fraud
4. Present fairly in all material respects

Audit Risk is the combination of_____?

1. Three Risks
2. Two Risks
3. Four Risks
4. Five risks

Audit Risk basically represents the risk that the auditor would wrongly conclude that the financial statements are?

1. Free from material error whereas material is present
2. Not free from material error whereas material error is not present
3. Both A & B
4. None of these

Inherent Risk is fundamentally?

1. The residual risk after all precautionary measures have been taken
2. the residual risk after proper controls are designed and implemented
3. the risk inherent in auditor’s tests to detect misstatements
4. None of these

Abbreviation Of GPR?

1. Gross Profit Ratio
2. Ground Push Reading
3. Ground Penetrating Rule
4. None of these

A buyer’s perception of value is considered a trade-off between

1. Product value and psychic cost
2. Total customer value and total customer cost
3. Service value and monetary cost
4. Image value & monetary cost