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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
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Scrutiny of Record for Audit Purpose
In order to vouch bought ledger, the auditor obtain confirmations from creditors. The principal reason for the auditor to examine supplier’s statements at balance sheet date is to obtain evidence that
the supplier exists
there are no unrecorded liabilities
recorded purchases actually occurred
to link creditors with cash book entries
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
the creditors accounts, generally, have credit balance. Debit balance may be due to
advance paid against an order
goods returned
wrong debit to supplier account
any of these
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following best describes the primary purpose of audit programmed preparation:
To detect errors or fraud
To comply with GAAP
To gather sufficient appropriate evidence
To assess audit risk
Author:
rikazzz
Comment
Annual Budget
Advantages of maintaining cash budgets would not include one of the following:
Surplus cash can be put to more profitable uses if expected to occur
Time is available to investigate the possible future sources of finance
Overdrafts can be negotiated in advance of when they are needed
Debtors can be paid more quickly
Author:
rikazzz
Comment
Audit
Test of controls comprise of testing of all except
Design
Implementation
Operating efficiency
Operating effectiveness
Author:
rikazzz
Comment
Audit
The receipt of goods must be entered in ________
Goods inward book
Goods outward book
Receipt of stores
Cash payment register
Author:
rikazzz
Comment
Annual Budget
The process of budget making after re-evaluating every item of expenditure in every financial year is known as:
Performance budgeting
Deficit budgeting
Zero based budgeting
Fresh budgeting
Author:
rikazzz
Comment
Audit
Voucher relates to ________
Cash receipt
Cash payment
Credit transaction
All of these
Author:
rikazzz
Comment
Settlement of Audit Objections
While vouching, how will the auditor ensure himself that all credit sales transactions have been recorded by the entity?
Examining cutoff points
Counting the number of invoices on sales book
Both A and B
None of these
Author:
rikazzz
Comment
Settlement of Audit Objections
A well designed Internal Control Questionnaire (ICQ) should incorporate the following EXCEPT:
Be a sufficient source of data for the evaluation of internal controls
Identity the internal control system’s strengths and weaknesses
Be organized by individual functional organizations
Should include simple yes or no responses but no narrative responses
Author:
rikazzz
Comment
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