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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
By observing, testing and assessing an auditor examines the system of:
Statutory audit
Internal audit
Continuous audit
Internal control
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Accounting Concepts, Principles and Procedures
A reserve is a charge against?
Profit and loss account
Trading account
Cash flow statement
Profit and loss appropriation account
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Accounting Concepts, Principles and Procedures
Provision of debt made under the principle of:
Full disclosure
Conservatism
Industry practice
Consistency
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Accounting Concepts, Principles and Procedures
Quantitative transactions are not recorded in accounts due to:
Accrual concept
Money measurement concept
Dual concept
None of these
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Accounting Concepts, Principles and Procedures
The assets which come to existence upon the happening of a certain event are called:
Contingent assets
Fixed assets
Fictitious assets
Quick assets
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Accounting Concepts, Principles and Procedures
Cash bought by the owner to start business is called:
Loan
Capital
Drawings
All of these
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Accounting Concepts, Principles and Procedures
A systematic way to maintain the books of accounts is called:
Economics
Accountancy
Book keeping
Auditing
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Accounting Concepts, Principles and Procedures
The amount invested by the proprietor to start the business is called:
Capital
Business
Drawings
All of these
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Accounting Concepts, Principles and Procedures
Auditing begins where:
Accounting ends
Selling ends
Business ends
None of these
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Accounting Concepts, Principles and Procedures
The risk of management fraud increases in the presence of:
Frequent changes in supplies
Improved internal control system
Substantial increases in sales
Management incentive system
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