Accounting MCQs — Test 3

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Question 1

Lapping is also known as___________?

Question 2

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Question 3

Which of the following statements is not true?

Question 4

Internal audit is undertaken:

Question 5

The scope of internal audit is decided by the___________?

Question 6

Audit of banks is an example of_____________?

Question 7

Cash brought by the owner to start business is called__________?

Question 8

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Question 9

Which of the following is true about a trial balance?

Question 10

Debit balance = Credit balance in a trial balance indicates that: