The 'Sufficient Appropriate Audit Evidence' means: MCQ with Answer and Explanation
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Question #1
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An entry recorded on both sides of a cash book is known as a:
Correct Answer: Option A
Explanation:
A contra entry affects both the cash and bank columns (e.g., cash deposited into bank), requiring no further ledger posting.
A contra entry affects both the cash and bank columns (e.g., cash deposited into bank), requiring no further ledger posting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following books is known as the book of original entry?
Correct Answer: Option C
Explanation:
The Journal is the primary book where transactions are first recorded in chronological order.
The Journal is the primary book where transactions are first recorded in chronological order.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The profit or loss on sale of an asset is calculated as:
Correct Answer: Option B
Explanation:
Profit/loss on sale = Sale consideration - Book value (cost less accumulated depreciation).
Profit/loss on sale = Sale consideration - Book value (cost less accumulated depreciation).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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