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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
Audit
Which of the following best describes the primary purpose of audit programme preparation?
To detect errors or fraud
To comply with GAAP
To gather sufficient appropriate evidence
To assess audit risk
Author:
rikazzz
Comment
Advance Accounting and Auditing
Sales is Mustafa of Rs.10,000 not recorded in the books would affect:
Sales account
Mustafa account
Sales account and Mustafa account
None of these
Author:
rikazzz
Comment
Annual Budget
A problem for a firm of maintaining high stock levels would not include:
Opportunity cost of money tied up in stocks
Storage costs
Meet unexpected demand
Risk of spoilage
Author:
rikazzz
Comment
Advance Accounting and Auditing
A cost center is:
Any location or department which incurs cost
A location which responsible for controlling
Part of the factory overhead system
None of these
Author:
rikazzz
Comment
Annual Budget
A demand switching policy could be:
Higher interest rates
Higher income rates
Tariffs
Reduced government spending
Author:
rikazzz
Comment
Settlement of Audit Objections
Stratification is a process of dividing a population into sub- populations which have:
Heterogeneous characteristics
Nothing in common
A lot of sampling units
Homogeneous characteristics
Author:
rikazzz
Comment
Advance Accounting and Auditing
Which of the following best describes the nature of an asset?
Something with a ready market value
An economic resource,owned by a business
The amount of the owner’s investment in a business
None of these
Author:
rikazzz
Comment
Annual Budget
Capital expenditure budget is prepared for a period of:
6 to 12 months.
5 to 10 years.
1 year.
None of these
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following features is most important for random based selection:
Sample should be drawn from population
Every strata of population should be represented in the sample
Every item in the population has an equal chance of being selected in the sample
Items should be selected at ‘n’ th interval
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following affects audit effectiveness?
Risk of over reliance
Risk of incorrect rejection
Risk of incorrect acceptance
Both a and c
Author:
rikazzz
Comment
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