Accounting Mcqs


Q.  The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

a. Uncontrollable cost
b. Sunk cost
c. Avoidable cost
d. Opportunity cost


ANSWER: See Answer
 
No explanation is available for this question!
MCQs:  International auditing standards are issued by the______________?
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MCQs:  Which of the following is not true about opinion on financial statements?
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MCQs:  When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?
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MCQs:  Which one of the following is NOT a duty of the auditor?
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MCQs:  Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?
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MCQs:  The independent auditor’s primary responsibility is to______________?
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MCQs:  How long is the auditor’s term of office?
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MCQs:  Which of the following is correct in relation to materiality?
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MCQs:  Which one of the following is NOT considered to be part of planning?
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MCQs:  Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?
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MCQs:  Which of the following should NOT be considered at the planning stage?
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MCQs:  At the planning stage you would NOT consider____________?
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MCQs:  Which of the following describes sampling risk?
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MCQs:  Which of the following is NOT an accepted method of selection in sampling?
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MCQs:  Which of the following are you unlikely to see in the current file of auditors’ working papers?
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MCQs:  According to ISA 500, the strength of audit evidence is determined by which two qualities?
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MCQs:  Which of the following is normally the most reliable source of audit evidence?
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MCQs:  The degree of effectiveness of an internal control system depends on:
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MCQs:  According to ISA 315, which of the following is NOT an element of the control environment?
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MCQs:  According to ISA 315, which of the following is NOT a control activity?
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