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Auditing
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Auditing
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Advance Accounting and Auditing
90
Scrutiny of Record for Audit Purpose
44
Mini Budget
18
Audit Evidence
1
Audit
82
Annual Budget
209
Internal Control
9
Settlement of Audit Objections
234
Show/Hide Answers
Annual Budget
When marginal revenue equals marginal cost:
Total revenue equals total costs
There is the biggest positive difference between total revenue and total cost
There is the biggest negative difference between total revenue and total cost
Profits are zero
Author:
rikazzz
Comment
Annual Budget
Cost of the project Rs. 3,00,000. Net income after depreciation Rs. 2,20,000. Earning per unit of money (rupee) invested would be:
75 rupees
75 rupees
73 rupees
None of these
Author:
rikazzz
Comment
Annual Budget
The standard of living is often measured by:
Real GDP per capita
Real GDP
Real GDP (population)
Real GDP plus depreciation
Author:
rikazzz
Comment
Annual Budget
Which of the following statements can be considered to be an advantage of a bottom-up budget?
Uses the knowledge of all staff to build a fair budget
The cheapest method of producing a budget
Reduces the level of budget negotiation between staff
Prevents slack being built into budgets
Author:
rikazzz
Comment
Internal Control
Which of the following is not an inherent limitation of internal control system?
Management override
Collusion among employees
Inefficiency of internal auditor
Abuse of authority
Author:
rikazzz
Comment
Settlement of Audit Objections
The auditor is most likely to examine related party transactions very carefully while vouching:
Credit sales
Sales returns
Credit purchases
Cash purchases
Author:
rikazzz
Comment
Advance Accounting and Auditing
Of the following statements, which one is untrue for the corporate form of organization:
It is a separate legal entity
It has a limited life
Income that is distributed to owners is usually taxed twice
Ownership rights can be easily transferred
Author:
rikazzz
Comment
Advance Accounting and Auditing
A non-banking asset is:
Term of office equipment
Bank premises
Secured property acquired from defaulting borrower
None of these
Author:
rikazzz
Comment
Settlement of Audit Objections
Who should prepare the annual capital expenditure budgets of the company in order to keep effective:
Someone directly responsible to the shareholders
Someone directly responsible for goods delivery to the customers
Someone directly responsible to the board of directors
Someone directly responsible to deal with the suppliers
Author:
rikazzz
Comment
Advance Accounting and Auditing
Operating cost is often named as:
Manufacturing cost plus commercial expenses
Prime cost plus factory overheads
Direct material plus direct labor
Selling plus administrative expenses
Author:
rikazzz
Comment
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