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

Question

Share Report Error

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

S1: Marginal cost is the sum of prime cost and variable overheads. S2: Marginal cost includes fixed overheads. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. S1 only

D. Both S1 and S2

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Marginal cost represents the total variable cost of production, which is Prime Cost (Direct Material + Direct Labor + Direct Expenses) plus Variable Overheads. It strictly excludes fixed overheads. S1 is correct, S2 is incorrect.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Share Report

The Consolidated Fund of India is formed by:

A. Only GST collections

B. Disinvestment proceeds only

C. Only direct taxes

D. All revenues received, loans raised, and repayments of loans

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Consolidated Fund holds all government receipts, borrowings, and loan recoveries.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

Share Report

Which financial statement shows the net profit or loss for an accounting period?

A. Cash Flow Statement

B. Statement of Profit & Loss

C. Balance Sheet

D. Trial Balance

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The Statement of Profit & Loss (Profit & Loss Account) calculates the net result of operations.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs