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Objective Questions

Latest CG Vyapam Sub Auditor Exam Question (Objective Questions), MCQ in English

Subjects : Accounting group, Auditing group, Management group, Economics group

Question Bank CG Vyapam Sub Auditor Exam - English
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Accounting group

Question 1Single Answer
Which accounting concept requires that business transactions be recorded separately from the owner's personal transactions?
  1. A
    Matching Concept
  2. B
    Business Entity Concept
  3. C
    Going Concern Concept
  4. D
    Cost Concept
Question 2Single Answer
The primary objective of accounting is to provide which type of information?
  1. A
    Legal information
  2. B
    Technical information
  3. C
    Financial information
  4. D
    Statistical information
Question 3Single Answer
Which branch of accounting deals with internal managerial decision-making and policy formulation?
  1. A
    Financial Accounting
  2. B
    Cost Accounting
  3. C
    Social Accounting
  4. D
    Management Accounting
Question 4Single Answer
Which accounting concept assumes that the business will continue its operations indefinitely?
  1. A
    Prudence Concept
  2. B
    Going Concern Concept
  3. C
    Dual Aspect Concept
  4. D
    Accrual Concept
Question 5Single Answer
Which principle states that revenue should be recognized when it is earned irrespective of cash receipt?
  1. A
    Realization Concept
  2. B
    Matching Concept
  3. C
    Consistency Concept
  4. D
    Accrual Concept
Question 6Single Answer
Which accounting convention emphasizes consistency in the use of accounting methods over time?
  1. A
    Prudence
  2. B
    Materiality
  3. C
    Consistency
  4. D
    Objectivity
Question 7Single Answer
The accounting concept which requires that expenses be recorded in the same period as the related revenues is known as?
  1. A
    Accrual Concept
  2. B
    Cost Concept
  3. C
    Matching Concept
  4. D
    Business Entity Concept
Question 8Single Answer
Which of the following is the systematic recording of financial transactions in the books of accounts?
  1. A
    Accounting
  2. B
    Auditing
  3. C
    Book-keeping
  4. D
    Costing
Question 9Single Answer
Which concept requires assets to be recorded at their original purchase price?
  1. A
    Cost Concept
  2. B
    Realization Concept
  3. C
    Dual Aspect Concept
  4. D
    Prudence Concept
Question 10Single Answer
Which accounting convention requires that expected losses must be recorded but not anticipated gains?
  1. A
    Consistency
  2. B
    Materiality
  3. C
    Prudence
  4. D
    Accrual
Question 11Single Answer
Which concept states that every debit has a corresponding credit?
  1. A
    Dual Aspect Concept
  2. B
    Business Entity Concept
  3. C
    Matching Concept
  4. D
    Cost Concept
Question 12Single Answer
Which principle ensures that accounting information is free from bias and verifiable?
  1. A
    Prudence
  2. B
    Consistency
  3. C
    Objectivity
  4. D
    Materiality
Question 13Single Answer
Which branch of accounting focuses on determining the cost of production?
  1. A
    Financial Accounting
  2. B
    Cost Accounting
  3. C
    Management Accounting
  4. D
    Tax Accounting
Question 14Single Answer
Which accounting concept assumes that the value of money remains stable over time?
  1. A
    Money Measurement Concept
  2. B
    Going Concern Concept
  3. C
    Cost Concept
  4. D
    Dual Aspect Concept
Question 15Single Answer
Which concept implies that only transactions measurable in monetary terms are recorded?
  1. A
    Cost Concept
  2. B
    Money Measurement Concept
  3. C
    Realization Concept
  4. D
    Prudence Concept
Question 16Single Answer
Which accounting convention allows insignificant items to be ignored?
  1. A
    Prudence
  2. B
    Materiality
  3. C
    Consistency
  4. D
    Objectivity
Question 17Single Answer
Which principle requires recording transactions at the time they occur rather than when cash is received or paid?
  1. A
    Matching
  2. B
    Accrual
  3. C
    Realization
  4. D
    Consistency
Question 18Single Answer
Which concept ensures that similar accounting methods are used consistently from one period to another?
  1. A
    Prudence
  2. B
    Matching
  3. C
    Consistency
  4. D
    Materiality
Question 19Single Answer
Which accounting assumption states that financial statements are prepared for a specific period?
  1. A
    Going Concern
  2. B
    Accounting Period Concept
  3. C
    Business Entity
  4. D
    Accrual
Question 20Single Answer
Which accounting concept ensures that financial statements reflect a cautious approach?
  1. A
    Consistency
  2. B
    Prudence
  3. C
    Objectivity
  4. D
    Matching
Question 21Single Answer
Which branch of accounting is concerned with reporting financial performance to external users?
  1. A
    Cost Accounting
  2. B
    Financial Accounting
  3. C
    Management Accounting
  4. D
    Social Accounting
Question 22Single Answer
Which accounting concept requires recognition of revenue only when it is realized?
  1. A
    Accrual Concept
  2. B
    Realization Concept
  3. C
    Matching Concept
  4. D
    Consistency Concept
Question 23Single Answer
Which accounting principle states that expenses should not be understated?
  1. A
    Prudence
  2. B
    Materiality
  3. C
    Consistency
  4. D
    Objectivity
Question 24Single Answer
Which concept divides the life of a business into equal time periods?
  1. A
    Cost Concept
  2. B
    Business Entity Concept
  3. C
    Accounting Period Concept
  4. D
    Matching Concept
Question 25Single Answer
Which concept ensures that only relevant financial information is disclosed?
  1. A
    Materiality
  2. B
    Prudence
  3. C
    Consistency
  4. D
    Objectivity
Question 26Single Answer
Which system records each transaction with two aspects, debit and credit?
  1. A
    Single Entry System
  2. B
    Cash System
  3. C
    Double Entry System
  4. D
    Hybrid System
Question 27Single Answer
Which book is considered the primary book of original entry?
  1. A
    Journal
  2. B
    Trial Balance
  3. C
    Ledger
  4. D
    Balance Sheet
Question 28Single Answer
Which book contains all accounts in classified form?
  1. A
    Ledger
  2. B
    Journal
  3. C
    Cash Book
  4. D
    Purchase Book
Question 29Single Answer
Posting refers to?
  1. A
    Recording in journal
  2. B
    Transferring journal entries to ledger
  3. C
    Preparing trial balance
  4. D
    Preparing final accounts
Question 30Single Answer
Which type of account is ‘Furniture Account’?
  1. A
    Real Account
  2. B
    Personal Account
  3. C
    Nominal Account
  4. D
    Contra Account
Question 31Single Answer
Which type of account is ‘Outstanding Salary’?
  1. A
    Personal Account
  2. B
    Real Account
  3. C
    Nominal Account
  4. D
    Liability Account
Question 32Single Answer
Purchase of goods on credit is recorded in which book?
  1. A
    Purchase Book
  2. B
    Cash Book
  3. C
    Sales Book
  4. D
    Journal Proper
Question 33Single Answer
Which account is debited when goods are sold for cash?
  1. A
    Sales Account
  2. B
    Purchase Account
  3. C
    Cash Account
  4. D
    Capital Account
Question 34Single Answer
Which account is credited when goods are purchased on credit?
  1. A
    Purchase Account
  2. B
    Supplier Account
  3. C
    Cash Account
  4. D
    Expense Account
Question 35Single Answer
Which subsidiary book records credit sales?
  1. A
    Sales Book
  2. B
    Purchase Book
  3. C
    Cash Book
  4. D
    Journal

Auditing group

Question 36Single Answer
Which of the following best defines auditing in a modern business environment?
  1. A
    Recording financial transactions systematically
  2. B
    Preparation of accounts according to accounting standards
  3. C
    Independent examination of financial statements to express an opinion
  4. D
    Verification of vouchers only
Question 37Single Answer
The primary objective of auditing is to ensure that financial statements present?
  1. A
    Maximum profit
  2. B
    Minimum liability
  3. C
    True and fair view
  4. D
    Exact cash balance
Question 38Single Answer
Which type of audit is conducted continuously throughout the accounting year?
  1. A
    Continuous audit
  2. B
    Interim audit
  3. C
    Final audit
  4. D
    Cost audit
Question 39Single Answer
Which audit is conducted after the completion of financial year?
  1. A
    Interim audit
  2. B
    Continuous audit
  3. C
    Final audit
  4. D
    Internal audit
Question 40Single Answer
Internal audit is primarily concerned with?
  1. A
    External reporting
  2. B
    Legal compliance only
  3. C
    Internal control and efficiency
  4. D
    Tax calculation
Question 41Single Answer
Which type of audit is mandatory for companies under law?
  1. A
    Internal audit
  2. B
    Management audit
  3. C
    Cost audit
  4. D
    Statutory audit
Question 42Single Answer
Which audit evaluates efficiency and effectiveness of management?
  1. A
    Financial audit
  2. B
    Management audit
  3. C
    Cost audit
  4. D
    Tax audit
Question 43Single Answer
Which audit focuses on cost records and cost efficiency?
  1. A
    Cost audit
  2. B
    Financial audit
  3. C
    Internal audit
  4. D
    Statutory audit
Question 44Single Answer
Which type of audit is conducted at regular intervals during the year?
  1. A
    Final audit
  2. B
    Continuous audit
  3. C
    Interim audit
  4. D
    Cost audit
Question 45Single Answer
The concept of independence in auditing refers to?
  1. A
    Freedom from law
  2. B
    Freedom from management
  3. C
    Freedom from bias
  4. D
    Freedom from responsibility
Question 46Single Answer
Which audit is conducted by employees of the organization?
  1. A
    External audit
  2. B
    Internal audit
  3. C
    Statutory audit
  4. D
    Cost audit
Question 47Single Answer
Which type of audit ensures compliance with laws and regulations?
  1. A
    Financial audit
  2. B
    Cost audit
  3. C
    Compliance audit
  4. D
    Internal audit
Question 48Single Answer
Which audit is conducted before final accounts are prepared?
  1. A
    Final audit
  2. B
    Interim audit
  3. C
    Continuous audit
  4. D
    Cost audit
Question 49Single Answer
Which objective of auditing relates to detection of frauds?
  1. A
    Primary objective
  2. B
    Statutory objective
  3. C
    Secondary objective
  4. D
    Legal objective
Question 50Single Answer
Which type of audit examines operational efficiency?
  1. A
    Management audit
  2. B
    Financial audit
  3. C
    Cost audit
  4. D
    Tax audit
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