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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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Settlement of Audit Objections
Voucher relates to:
cash receipt
cash payment
credit transactions
all the above
Author:
rikazzz
Comment
Advance Accounting and Auditing
A fixed budget is a:
A budget for single level of activity
A budget which ignored inflation
Used only for fixed cost
An overhead cost budget
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
Which of the following is not true with regard to verification of assets
it invoices substantiation of occurrence of transactions
its objective is to establish existence, ownership, possession, valuation and disclosure of Assets
the auditor has to form an opinion on different aspects
all are true
Author:
rikazzz
Comment
Settlement of Audit Objections
Capital reserves are created out of profits of:
a revenue nature
a capital nature
a secret reserve
contingency reserve
Author:
rikazzz
Comment
Annual Budget
If annual consumption is 150,000 units, the cost of reordering is £250 and the storage and holding cost per unit is £48, then the economic order quantity would be:
884 units
1,250 units
240 units
1,050 units
Author:
rikazzz
Comment
Settlement of Audit Objections
When an independent auditor decides that the work performed by internal auditors may have bearing on the nature, timing and extent of planned audit procedures, the independent auditor should evaluate objectivity of the internal auditor. The most important factor influencing it would be:
organizational level to which he reports
qualification of internal auditor
system of quality control of his work
all of the above
Author:
rikazzz
Comment
Annual Budget
The natural rate of unemployment is likely to fall if:
unemployment benefits increase
Income tax increases
More training is available for the unemployment
Geographical immobility increases
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
The auditor while verifying prepaid insurance has concluded that there is inadequate insurance of building he should
modify his audit report
insist it should be disclosed in the notes to financial statements
write it in letter of weakness
Both A and C
Author:
rikazzz
Comment
Mini Budget
Those who are investing in ______ will not have to pay sales tax and customs duty in the upcoming five years.
Solar panels
Wind turbines
Both A and B
None of these
Author:
rikazzz
Comment
Annual Budget
Profit is measured by:
Revenue – fixed costs
Fixed costs – revenue
Revenue – sales
Revenue – total costs
Author:
rikazzz
Comment
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