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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
Money measurement concept of accounting theory is based on the assumption that the value of money will:
Fluctuate
Remain Constant
Decreases
Increases
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Accounting Concepts, Principles and Procedures
When an auditor places a high degree of reliance on an internal control procedure, the acceptable risk of over-reliance would be:
Zero
Moderate
Low
High
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Accounting Concepts, Principles and Procedures
Goods sent on approval basis have been recorded as Credit sales, this is example of?
Error of principle
Error of commission
Error of omission
Error of duplication
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Accounting Concepts, Principles and Procedures
Audit programmed implies planning of audit work by:
The accounting staff
The audit staff
The managing director
None of these
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Accounting Concepts, Principles and Procedures
A reduction in price is called:
Paid price
Invoice price
Book price
Discount
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Accounting Concepts, Principles and Procedures
The unsold goods are:
Inventory
Equity
Purchases
Sales return
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Accounting Concepts, Principles and Procedures
Balance sheet is a statement of _________
Assets
Liabilities
Capital
All of these
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Accounting Concepts, Principles and Procedures
The liability of an auditor can be:
Civil
Criminal
Both A and B
None of these
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Accounting Concepts, Principles and Procedures
Auditing standards differ from audit procedures in that procedures relate to:
Audit assumptions
Acts to be performed
Quality criterion
Methods of work
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Accounting Concepts, Principles and Procedures
Test checking reduces by:
Liability of an auditor
Work of an auditor
Both A and B
None of these
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