The term 'Window Dressing' in accounting means: MCQ with Answer and Explanation

Question
The term 'Window Dressing' in accounting means:
A. Using standard accounting software
B. Manipulating accounts to present a better picture
C. Making accounts transparent
D. Preparing accounts as per law
Answer: Option B
Solution (By JKSSB Mock Tests)
Window dressing refers to presenting financial statements in a way that gives a more favorable impression than reality.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a direct method of collecting audit evidence?
A. Inquiry
B. All of the above
C. Observation
D. Inspection
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Correct Answer: Option B

Explanation:
Inquiry, observation, and inspection are all direct methods used by auditors to gather sufficient and appropriate audit evidence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Variable Lease Payments' that depend on an index or rate:
A. Are capitalised only if fixed
B. Are excluded from lease liability
C. Are included in the lease liability initially measured using the index/rate at commencement date
D. Are always expensed
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Correct Answer: Option C

Explanation:
Variable payments based on index/rate are included; those based on performance/usage are excluded.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Independence' of an auditor is required because:
A. To reduce fees
B. To comply with company law only
C. To maintain objectivity and impartiality in the audit opinion
D. To increase revenue
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Correct Answer: Option C

Explanation:
Independence ensures unbiased opinion.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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