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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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Advance Accounting and Auditing
Average relied is allowed on the following expenditures except:
Donation for charitable purpose
Investment in shares
Mark-up on housing finance
Contribution to employees children education fund
Author:
rikazzz
Comment
Settlement of Audit Objections
The auditor has serious concern about the going concern of the company. It is dependent on company’s obtaining a working capital loan from a bank which has been applied for. The management of the company has made full disclosure of these facts in the notes to the balance sheet The auditor is satisfied with the level of disclosure. He should issue:
unqualified opinion
unqualified opinion with reference to notes to the accounts
qualified opinion
disclaimer of opinion
Author:
rikazzz
Comment
Annual Budget
Capital outlay of an asset Rs. 50,000. Average working capital Rs. 5,000; expected gross income over (5 years) the effective serviceable life of the asset Rs. 77,000. Borrowed capital for capital investment Rs. 20,000 at 12% p.a. The Rate of Return would be:
0.18
0.08
0.1
None of these
Author:
rikazzz
Comment
Annual Budget
In Pakistan government budget is prepared by:
National assembly
President of Pakistan
Ministry of finance
State bank of Pakistan
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
To test whether sales have been recorded, the auditor should draw a sample from a file of
purchase orders
sales orders
sales invoices
bill of loading
Author:
rikazzz
Comment
Annual Budget
Cost of machine Rs. 20,000. Expected life 10 years. Estimated gross savings per year Rs. 20,000. Estimated expenditure Rs. 15,000. Payback period of this investment is:
4 years
10 years
6 years
None of these
Author:
rikazzz
Comment
Annual Budget
An increase in national income is:
Likely to increase exports
Likely to decrease savings
Likely to decrease investment
Likely to increase spending on imports
Author:
rikazzz
Comment
Audit
IFRS stands for which one of the following?
International financial reporting standards
International financial Recording system
International Financial Recording Statements
International Financial Reporting system
Author:
rikazzz
Comment
Annual Budget
A government might use tax to:
Discourage consumption of positive externalities
Discourage consumption of public goods
Discourage consumption of merit goods
Discourage consumption of negative externalities
Author:
rikazzz
Comment
Annual Budget
An expansionist fiscal policy could include:
Lower interest rates
Increased lending by the banks
An increase in corporation tax
An increase in discretionary government spending
Author:
rikazzz
Comment
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