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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
An increase in cost will:
Shift aggregate demand
Shift aggregate supply
Reduce the natural rate of unemployment
Increase the productivity of employees
Author:
rikazzz
Comment
Settlement of Audit Objections
Which of the following report not result in qualification of the auditor’s opinion due to a scope limitation:
Restrictions the client imposed
Reliance on the report of other auditor
Inability to obtain sufficient appropriate evidential matter
Inadequacy of accounting records
Author:
rikazzz
Comment
Settlement of Audit Objections
While verifying intangible assets, an auditor would have recomputed amortization charges and determine whether amortization period is reasonable. The auditor tries to establish _______by doing it:
valuation
existence
disclosure
possession
Author:
rikazzz
Comment
Annual Budget
Cost of the project Rs. 3,00,000. Net income after depreciation Rs. 2,20,000. Return on (original) investment is:
0.73
0.85
1.73
None of these
Author:
rikazzz
Comment
Annual Budget
If the economy grows the government’s budget position will automatically:
Worsen
Improve
Stay the same
Increase with inflation
Author:
rikazzz
Comment
Annual Budget
The ‘Capacity ratio’ is worked out by the formula ________
{(Machine Hours Recorded)/ (Budgeted Machine Hours) }x 100.
{(Standard Hours Recorded)/ (Directed labour Hours Recorded)}x 100.
{(Standard Hours Recorded)/ (Actual Direct Machine Hours)}x 100.
None of these
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
When auditing prepaid insurance, an auditor discovers that the insurance policy bond on building is not available for inspection. This may indicate
no insurance has been undertaken for building
lien on building
insurance premium has not been paid
insurance premium paid but not recorded
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
Which of the following financial statements assertions are addressed by testing the cut off for plant asset addition
existence and ownership
valuation and disclosure
possession and ownership
completeness and valuation
Author:
rikazzz
Comment
Settlement of Audit Objections
In order to vouch, which of the expenses, the auditor will examine Bill of Entry?
Custom
Excise duties
Sales tax
Income tax
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
In case of sales return, the auditor should examine which document?
Credit notes, advice notes and inward return notes
debit notes, advice notes an inward return note
purchase invoices, advice notes and inward return notes
credit notes, inspection report and inward return notes
Author:
rikazzz
Comment
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