Which of the following is a type of audit opinion? MCQ with Answer and Explanation

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Which of the following is a type of audit opinion?

A. Clean Opinion

B. Adverse Opinion

C. All of the above

D. Qualified Opinion

Answer: Option C

Solution (By JKSSB Mock Tests)

Auditors can issue unqualified (clean), qualified, adverse, or disclaimer of opinion reports based on their findings.

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

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Question #1

The 'Financial Stability and Development Council' (FSDC) is chaired by:

A. RBI Governor

B. Prime Minister

C. Union Finance Minister

D. SEBI Chairman

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Correct Answer: Option C

Explanation:
FSDC is an apex body for financial sector stability, chaired by the Finance Minister.

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

Question #2

If a machinery costing ₹80,000 is sold for ₹70,000 with accumulated depreciation ₹20,000, the profit/loss on sale is:

A. Profit ₹10,000

B. Loss ₹10,000

C. Profit ₹30,000

D. No profit no loss

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Correct Answer: Option A

Explanation:
Book value = 80,000 - 20,000 = 60,000. Sale price 70,000. Profit = 70,000 - 60,000 = ₹10,000.

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Question #3

A: Vouching is the examination of documentary evidence. R: Vouching is the same as verification. Choose the correct option.

A. Both A and R are true but R is NOT the correct explanation of A

B. A is true but R is false

C. A is false but R is true

D. Both A and R are true and R is the correct explanation of A

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Correct Answer: Option B

Explanation:
Vouching is indeed the examination of vouchers to verify transactions. However, verification is a broader term that includes proving the existence, ownership, and valuation of assets and liabilities at the balance sheet date. They are not the same. A is true, R is false.

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

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