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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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Annual Budget
Capital investment Rs. 50,000; Average working capital Rs. 5,000; Expected gross income over (5 years) the effective life of the asset Rs. 77,000. The Rate of Return would be:
0.18
0.08
0.1
None of these
Author:
rikazzz
Comment
Settlement of Audit Objections
The purpose of engagement letter includes the following EXCEPT:
To defines the auditor responsibilities clearly
To minimize misunderstandings between the client and auditors
To educate the client
To help the auditor in preparing audit report
Author:
rikazzz
Comment
Annual Budget
An increase in aggregation demand is more likely to lead to demand pull inflation if:
Aggregate supply is perfectly elastic
Aggregate supply is perfectly inelastic
Aggregate supply is unit elastic
Aggregate supply is relatively elastic
Author:
rikazzz
Comment
Annual Budget
Over time the price of primary products tends to fall because:
Demand is income elastic
Supply in income elastic
Of outward shifts in supply
Demand is price elastic
Author:
rikazzz
Comment
Annual Budget
In the broadest sense, a budget is an allocation of money for some purpose. The word once used to mean “pouch” or “purse” a ___________ therefore is “what’s in the pouch”.
Production
Budget
Contribution
Sales
Author:
rikazzz
Comment
Scrutiny of Record for Audit Purpose
While vouching wages, auditor should examine whether there is proper segregation of duties. Which of the following activities should not be done by same department
maintaining personnel records and approving changing in wages rates
proposing pay roll summary and disbursement of wages
making salary statements and filing tax returns
comparing time clock records with time reports prepared by supervisors and preparing List of workers employed along with the units of production for each one of them
Author:
rikazzz
Comment
Annual Budget
Cost of the project Rs. 3,00,000. Total net income for five years Rs. 2,20,000. Average rate of return on average investment would be:
0.0923
0.293
0.239
None of these
Author:
rikazzz
Comment
Settlement of Audit Objections
The factors that affect reasonable assurance include all of the following EXCEPT:
Use of testing (Sampling)
Interest limitations of accounting and internal control
Remuneration of the auditor
Persuasive nature of audit evidence
Author:
rikazzz
Comment
Annual Budget
An increase in investment is most likely to be caused by:
Lower interest rates
Lower national income
A decrease in the marginal propensity to consume
An increase in withdrawals
Author:
rikazzz
Comment
Annual Budget
A plan quantified in monetary terms in advance of a defined time period and usually showing planned income and expenditure and the capital employed to achieve a given objective is called:
Budget
Margin of safety
Margin of sales
Contribution margin
Author:
rikazzz
Comment
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