A 'Cheque issued but not presented' causes: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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An 'Error of Principle' occurs when:
Correct Answer: Option D
Explanation:
Error of principle violates accounting principles, e.g., incorrect classification between capital and revenue.
Error of principle violates accounting principles, e.g., incorrect classification between capital and revenue.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Marginal Costing, stock is valued at:
Correct Answer: Option C
Explanation:
Marginal costing values inventory strictly on variable costs, treating fixed overheads as period costs written off immediately.
Marginal costing values inventory strictly on variable costs, treating fixed overheads as period costs written off immediately.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Independence' of auditor means:
Correct Answer: Option A
Explanation:
Independence in mind and appearance is fundamental to audit.
Independence in mind and appearance is fundamental to audit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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