An audit that is conducted between two annual audits is called: MCQ with Answer and Explanation

Question
An audit that is conducted between two annual audits is called:
A. Statutory audit
B. Interim audit
C. Continuous audit
D. Final audit
Answer: Option B
Solution (By JKSSB Mock Tests)
Interim audit is performed in between the year, often for dividend declaration or half-yearly results.
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
In BRS, if the cash book shows a bank balance of ₹10,000 (Dr.) and there is an unpresented cheque of ₹2,000, the passbook balance will be:
A. ₹2,000
B. ₹10,000
C. ₹8,000
D. ₹12,000
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Unpresented cheque has been deducted in cash book but not in passbook. So passbook balance = Cash book balance + Unpresented cheque = 10,000 + 2,000 = ₹12,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In a journal entry, a brief explanation of the transaction written below the entry is called:
A. Posting
B. Folio
C. Voucher
D. Narration
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Narration is a short description of the transaction written in brackets immediately below the journal entry.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A voucher that supports a transaction is called:
A. Cash voucher
B. Source voucher
C. Transfer voucher
D. Journal voucher
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Source vouchers are original documents like invoices, receipts that prove a transaction occurred.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: