Accounting & Auditing Mcqs

Accounting & Auditing MCQs: Most Important Questions

Accounting & Auditing Mcqs

Accounting & Auditing Mcqs: cover wide range of topics including financial accounting, management accounting, auditing principles, financial statements, tax accounting, internal controls, and more. Perfect for students preparing for professional exams, certifications, and competitive tests in accounting and auditing

Accounting & Auditing MCQs

High and persistent inflation is caused by ?

A. unions increasing wages too much

B. OPEC raising the price of oil too much

C. governments increasing the quantity of money too much

D. regulations raising the cost of production too much

Which of the following statements is true about a market economy ?

A. With a large enough computer, central planners could guide production more efficiently than markets.

B. Market participants act as if guided by an invisible hand to produce outcomes that maximize social welfare

C. The strength of a market system is that it tends to distribute resources evenly across consumers.

D. Taxes help prices communicate costs and benefits to producers and consumers.

Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?

A. nothing because you found the money.

B. Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

C. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.

D. Rs20 (because you could have used the Rs20 to buy other things)

A rational person does not act unless ?

A. the action is ethical

B. The action produces marginal costs that exceed marginal benefits.

C. The action produces marginal benefits that exceed marginal costs.

D. The action makes money for the person.

Which one of the following is a normative statement ?

A. The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent

B. Inflation is rising

C. The proportion of people’s income paid in taxes is higher under this government than under the previous one.

D. Inequality in the distribution of income is a more serious problem than unemployment

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