Accounting Test Paper

|MCQ |T/F |

|b. |matching |

|c. |time period |

|d. |realization |

|e. |none of the answers are correct |

2. Understating expenses is justified based on:

|a. |time period assumption |

|b. |conservatism assumption |

|c. |materiality assumption |

|d. |matching assumption |

|e. |none of the answers are correct |

3. Which of the following statements is not true?

|a. |A qualified opinion or an adverse opinion may bring into question the reliability of the financial statements. |

|b. |A disclaimer of opinion indicates that one should not look to the auditor's report as an indication of the reliability |

| |of the statements. |

|c. |In some cases, outside accountants are associated with financial statements when they have performed less than an audit.|

|d. |A review is substantially less in scope than an examination in accordance with...