Audit
A kind of audit conducted for a part of accounting year is called:
Periodical audit
Partial audit
Cost audit
Cost audit
Periodical audit
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Which of the following statement is not true about continuous audit?A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has good internal control system
D. It is expensive
Which of the following are include in test of control?
A. Performance and observation
B. Inquiry and analytical procedures
C. Comparison and conformation
D. Inspection and verification
Which of the following methods of sample selection are leas suitable for extrapolating results to the population?
A. Systematic sampling
B. Random sampling
C. Haphazard sampling
D. None of these
Balance sheet audit includes verification of _______
A. Assets
B. Liabilities
C. Income and expense accounts where appropriate
D. All of these
Verification is ________
A. The art of recording the business transaction
B. an examination of the books of accounts
C. the act of establishing the accuracy of entries in the books of accounts
D. None of these
The current file of the auditor’s working papers, generally should include
A. a flowchart of the internal controls
B. Organization charts
C. a copy of financial statements
D. copies of bond and debentures
Goods sent on approval basis have been recorded as ‘Credit sales’. This is an example of:
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
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