A 'Clean Report' issued by an auditor is also known as an: MCQ with Answer and Explanation

Question
A 'Clean Report' issued by an auditor is also known as an:
A. Unqualified Opinion
B. Disclaimer of Opinion
C. Adverse Opinion
D. Qualified Opinion
Answer: Option A
Solution (By JKSSB Mock Tests)
An unqualified opinion indicates the auditor found the financial statements to be free from material misstatements and in accordance with GAAP.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Consider these statements about 'Single Entry System': 1. Only personal accounts are maintained completely. 2. Profit is ascertained by comparing opening and closing capital. 3. It is based on dual aspect concept. Which are correct?
A. 2 and 3 only
B. 1 and 2 only
C. All of the above
D. 1 and 3 only
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Correct Answer: Option B

Explanation:
Single entry does not follow dual aspect; 3 is incorrect. 1 and 2 are true.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Return of goods by a customer should be debited to:
A. Sales Return (Return Inwards) Account
B. Purchase Return Account
C. Customer Account
D. Sales Account
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Correct Answer: Option A

Explanation:
Goods are coming back (Debit what comes in), representing a reduction in sales revenue, handled via the Sales Return account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is an example of an internal source document?
A. Purchase Invoice from supplier
B. Electricity Bill
C. Bank Statement
D. Material Requisition Slip
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Correct Answer: Option D

Explanation:
A material requisition slip is generated internally within the organization to authorize the transfer of materials.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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