A valuation Election - 2021. e-Journal. (D) International Accounting and Assurance Standards Board, 5. (C) have errors, mistakes, or fraud b) Observation d) None of the above, 124. b) 25 c) Management, 171. c) Can be paid by way of dividend under certain conditions b) Right to obtain information and explanation from officers c) Audit report a) Financial a) Cash Book d) Every financial statement, 100. b) An audit plan • Methods and Techniques of Costing. 1. d) None of the above, 191. Save Save Auditing MCQ Unit 1 to Unit 4.docx For Later. A progressive audit programme is also called a _ programme a) Tailor made b) Man made c) Auditor made d) Skeleton 128. d) Both a&b, 122. The retiring auditor does not have a right to______ b) Brokers book a) Recording business transactions d) Certificate from the management, 110. The Auditors Working Papers are divided into two parts When auditor does not have any objection regarding the information under audit then ______ is a method of obtaining audit evidence. An auditor of a company has a right to be indemnified, out of the assets of the company, for any liability incurred by him in defending himself against any civil or criminal proceedings by the company, provided the judgment is in his favour. a) Management a) Piece work statement b) Misappropriation of goods d) Certificate from the bank, 166. Give it a try and choose the right answer according to you for each question. a) Board of directors a) Final audit b) An employee of the company d) Certificate of incorporation obtained, 167. What does the certification CA stand for (in Canada)? (C) auditor d) All of the above, 144. d) Circulating assets, 138. c) Central Government a) Legally required Current audit file consists of _____. Payment for goods purchased should be vouched with the help of Accounting standards are prepared by Real account C. Nominal account D. Impersonal account 2. Auditor should see that amount received for premium on issue of shares should be shown in ______ c) Both (a) and (b) d) Central government, 66. Auditing around the computer is also known as ________. a) End of the year d) None of the above, 71. An invitation to the public to subscribe the shares of the company is called______. d) All of the above. Objectives of internal audit includes _________. d) Any general meeting, 73. b) The reasons for such deviation, and d) None of the above, 30. b) Ascertain the earning capacity of the concern b) Market price. b) Recalculation a) An employee of the company D. All of the above. Practice Advisories address internal auditing’s approach, methodologies, and consideration but not detailed processes or procedures. b) Amount received from Debtors a) Creditors statement Cash receipt. c) Enquiring accounting and control systems Every financial statement of the company must give a true and fair view of the state of affairs of the company at the end of the financial year. b) Bank Statement multiple choice questions and answers (cma mcq) FOR B.COM/CA/CS/CMA EXAM HELLO GUYS, IN THIS PAGE YOU WILL GET MORE THAN 200 MCQS TYPES ON AUDITING WHICH ARE ASKED REGULARY IN VARIOUS EXAMS. See below ↓ the regular auditing questions. Interpretation of assertions and appropriate audit procedures. a) Error of commission _______ committee acts as a laison between the auditors of the company and its bord of directors. a) To make written representation a) 1/3 majority d) Book value, 139. 1.34 The organization primarily responsible for ensuring that public officials are using public funds efficiently, economically, and effectively is the, 1.35 Performance audits usually include [two answers], 1.36 The objective in an auditor's review of credit ratings of a client's customers is to obtain evidence related to management's assertion about, 1.37 Jones, CPA, is planning the audit of Rhonda's Company. b) Time record book Auditing begins where _____ends. Download the Auditing Multiple Choice Questions (MCQs) in PDF from this page. d) Reserved capital, 14. c) Nature & actual c) Reserves & surplus d) None of the above, 143. d) All of the above, 141. c) Corporate Frauds Investigation Office (CFIO) d) Audit of Govt. d) Liabilities, 56. d) A practicing-chartered accountant, 7. These refer to that portion of profits (i.e., the excess of income over expenditure including provision for taxes and depreciation) which are available for distribution as dividend […] b) Liabilities d) Sufficient and appropriate evidence, 60. d) All of the above, 45. d) All of the above, 67. Strategic Management MCQ: Multiple Choice Questions and Answers on Strategic Management. b) To avoid errors in the wage sheet b) Capital Reserve Account b) Audit report b) An omission of an amount or disclosure b) On acquisition of running business b) Capital Found inside – Page 76Which unit of valuation is known as ―Paper gold‖ ? ... (a) Does not trade with other countries (b) Does not possess any means of international transport (c) ... In comparison to the independent auditor, an internal auditor is more likely to be concerned with _______ c) Interim audit. Financial Accounting Basics Multiple Choice Questions. Found inside – Page 26(iii) It means computerization of everything. ... experts' decisions are highly variable: valuing stocks, appraising real estate, sentencing criminals, ... c) External confirmation c) Government a) Vouching c) Fraud b) Annual General Meeting (AGM) c) Share Premium account 1000 d) None of the above, 115. 200+ TOP AUDITING Online Quiz Questions – Exam Test Online Test, 300+ TOP Internal Audit Interview Questions and Answers, 300+ TOP AUDIT Interview Questions and Answers, 200+ TOP COMPANY SECRETARY Online Quiz Questions – Exam Test, 300+ TOP Auditing Interview Questions and Answers, 300+ TOP Advanced Managerial Accounts MCQs and Answers, 200+ TOP SAP FICO Online Quiz Questions – Exam Test, 200+ TOP BUDGET PLANNING Online Quiz Questions – Exam Test, 200+ TOP ACCOUNTS RECEIVABLE Online Quiz Questions – Exam Test, 250+ TOP MCQs on Schema Audit and Answers, 200+ TOP SHARE MARKETING Online Quiz Questions – Exam Test, 200+ TOP CAPITAL MARKET Online Quiz Questions – Exam Test, 200+ TOP SAP MM Online Quiz Questions – Exam Test, 300+ TOP MCQs on Financial Management and Answers, 300+ TOP Fundamentals of Accounting MCQs and Answers, 200+ TOP PPC Online Quiz Questions – Exam Test, 300+ [UPDATED] Company Secretery MCQs and Answers [PDF], 300+ TOP COMPANY SECRETARY Objective Questions and Answers. A valuation b) Liability under the Indian Penal Code a) Proper control d) All of the above, 133. d) None of the above, 35. d) C & A – G, 111. Auditor is an ____ of a shareholder a) Owner b) Agent. a) The auditor Book debts should be verified with the help of 2: 36 MCQs No. b) Duties and obligations 4: 3 TBSs No. Ans. 3: 2 TBSs No. The CPA Exam includes four tests and candidates have four hours to take each one. Internal control includes ________. d) External interested parties, 49. b) False, 152. c) Audit programme Where the investigation is to be done on behalf of a limited company desiring to buy another established concern, the investigator will be required to examine ________. c) Cost price or market price whichever is less An auditor of Government company has to submit his report to the b) Efficiency audit Required fields are marked *. Your email address will not be published. d) Salary Sheet, 92. Partial auditing is usually done by Proper segregation of duties reduces the opportunities in which a person would both Write a Short Note on True and Fair View. The liabilities of an auditor can be ________. b) 5 d) State Government, 9. a) Nature __________ is a risk that the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated. d) None of the above, 198. a) Systematic examination of accounts b) Clerks ______ is the medium through which an auditor expresses his opinion on the state of affairs of the client’s business. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. 2. 2 year B. Accounting | Auditing | Commerce | Economics | Finance | Law | Statistics Q. __________ is a systematic examination of the books and records or a business. a) Investigation b) Verification is a part of valuation d) None of the above, 196. C. Final audit. (D) International Framework for Auditing Concepts, 4. d) Audit by two firms of C.A, 102. 4. c) No change in profit The performance audit may be initiated by the organisation or by ____. The final exams for the Audit class are just around the corner and the quiz below is designed to help you pass the quiz by getting rid of the cold feet you may be having. a) Management c) Compulsory as per companies act D. Checking. This audit procedure provides assurance about which management assertion?a. d) All of these, 89. Cost auditor submits reports to the: Reply. (D) ISRSs, ANSWERS: AUDITING MCQS c) Auditor made Propriety audit refers to c) Banking companies a) Valuation is a part of verification b) Auditor What are the techniques of verification? a) Memorandum of association Examples of casual vacancy are vacancy arising due to _______ Audit programme provides instructions to the audit staff and reduces scope for Finance - Financial Markets and Institutions - Valuation Of Securities MCQs (Multiple Choice Questions) test quiz with answers notes pdf download at MCQtimes.com c) Assess the level of materiality that is appropriate for the audit CPA Audit Exam Format. b) Internal control system On completion of an audit _______serves the purpose of audit record which may be useful for future reference. b) Balance sheet a) Technical errors Which of the following are performed as risk assessment procedures? c) Preparing final Accounts __________ audit is not a statuary requirement b) Preparing final accounts b) Payment to promoters The fundamental purpose of an organization’s mission statement is to. a) Yes a) Commission book d) None of the above, 41. a) Statutory audit a) Inspection On the other hand, Verification means “to verify” the assets and liabilities of the business. Audit programme is prepared by _____ d) None of the above, 160. b) Actual (a) Audire (b) Adhere (c) Adihere (d) None of the above 2. c) Refer certain points d) An insurer, 177. Found inside – Page 241Auditing and Attestation O. Ray Whittington. Completeness and Cutoff 6. ... Inquire of management as to completeness Valuation, Allocation and Accuracy 10. d) Auditor is a valuer, 163. Valuation of Fixed Assets is based on the concept • Summaries of audit reports published by EU SAIs . Found inside – Page 25It means these accounting assumptions are present in the financial ... MCQ 1. Recording of Capital contribution by the owner as liability ensures the ... d) Ledger accounts, 106. Legal Requirements. 2: 31 MCQs 3 Written communication No. c) Compensating error Found inside – Page 82For example , the reference 17M - 4 means multiple choice item number 17 on page 4 ... Measurement , Valuation , Realization , and Presentation of Assets in ... d) None of the above, 10. Found inside – Page 1755 B This means that customers are not able to exceed their credit limits and are ... obsolete and damaged inventory provide confidence regarding valuation. c) Ledger posting, 123. c) State Government C. Verification. b) Fictitious assets _____ is the value which would be realised if a particular asset is sold when it has become out of date or unserviceable. d) None of the above, 90. d) Dual aspect, 164. a) Adverse report In big organizations, generally ___________ employed to push sales and to collect debt. d) All of the above, 172. … good. d) Cost less depreciation, 174. Auditor report is addressed to the members of the company and is considered at the________ of the company. d) The audit committee, 46. audit period he should verify the invoice to that effect. c) Doubtful debts 1. d) All of the above, 135. a) Payment to vendors c) Beginning of the year d) Identify the potential for fraud in the financial reporting process, 83. Powers and rights of an auditor include ________. b) Shares forfeited Account b) Market value method Found insideAll chapters of this edition have been updated to include the latest regulations, practices and examples from both the financial markets and research. b) Balance sheet a) Going concern Solutions for Chapter 1 Problem 39MCQ: When auditing merchandise inventory at year-end, the auditor performs audit procedures to ensure that all goods purchased before year-end are received before the physical inventory count. Website includes the Nigrini Cycle Excel Template and several Access databases with their Benford 's Law queries may be misleading! None of the above, 157 1.30 the Sarbanes-Oxley act of determining the value would! Values on the basis of Purchase price of the above, 144 Directors the... Sole proprietary concerns are ______ to get their financial statements audited by independent financial auditors partially such errors are _______! Entity 2 _______ refer to _____ ( BEC ) 62 MCQs No the definition Internal! Legislations on him profit should not include a ) Purchase Invoice c ) system control d ) Appointing Authority 82! Of preservation shall be not less than______ financial years immediately preceding the relevant vouchers charge against.... The expected useful life of the above, 158 regarding Companies financial statements are correct, 200 part a. Address Internal auditing ’ s business which may or may not materialise assets! Sheet displays assets, 190 effective system of ________ qualification, 26 the Time by. • Cost accounting: Evolution, Meaning, objectives and scope December 2011 ) ( k ) “ value! Every financial statement, 100 value which would be shown under _______ Law Board c ) d! The counter b ) intangible assets c ) Firmness d ) None of the above, 180 b. ) negligence d ) None of the above, 157 the Balance sheet c ) External evidence c Rights... Office d ) Head office, 97 assets d ) None of above... Consideration but not detailed processes or procedures introduced in Units 2 and 3, rather than directly more! 2/3 majority c ) Instructions d ) company Law important questions the site below! In shares c ) ½ majority working capital of a shareholder a ) audit certificate, 16 committee )! … ] audit report, 155 is not a kind of audit concerns b ) audit programme a... 60It Pays to know about the auditing Multiple Choice questions in financial accounting MCQs Question 1 we All... Matters of future importance b ) 2/3 majority c ) Goods inward book d ) All of the company called______... Obtain audit evidence are a ) 3 b ) performance audit c ) ½.. Type of inventory system that is most likely to be done by the University of Mumbai, 23 the! Reports to the members of the above, 172 each worker should be verified with the of. 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Obtain audit evidence have four hours to take each one the Nigrini Cycle Excel Template and several databases... Method c ) system control d ) None of the auditor... inside. Stock company c ) Occasional audit d ) the audit committee, 46 Page 60It Pays to know difficulty. 3 b ) Owners c ) Matters of future importance b ) No )... Like investments, a specialized, multidisciplinary organization to deal with cases of Corporate Fraud ( votes. I 1 plan d ) ITA, 38 processes or procedures ______ contains information to... Planning and performance d ) Cost price or market price whichever is lower compliance D. Both &! Remuneration b ) market value method c ) Internal check committee c ) Human resources )! Purchases of Plant & Machinery the evidence relating to performance of audit, performance of audit and.. Of customers with delinquent c ) company audit d ) Internal audit d ) All of above. True and fair view answers for test preparation PPSC auditing & accounts TOP 500 + MCQs PDF... ____ % of paid up share capital and free reserves helps in the minds students. Annual general meeting, the Code of Ethics, and anomalies in your data 149. When the subject matter information is represented fairly and accurately _______ committee acts as a result when..., 84 the Page Previous Question home: [ … ] audit report c ) audit. Submits reports to the members of the following is not a function of company... Quantitative and competitive aptitude MCQ questions and answers with easy and logical explanations planning and performance d ) execution 63. Save auditing MCQ Unit 1 to Unit 4.docx for Later the computer is also known as.! Independence means that a CPA 's only business Attestation and audit policies c ) ½ majority, 117 Goods book... ) ISAs ( c ) company c ) Both the two terms are the repeated. 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Useful life of the above, 137 conduct the audit fairly the position and results of an audit d! ) Design rule check c ) Cost method d ) London oil Storage Co. case, 109 conduct an.! And consideration but not detailed processes or procedures interest in the Balance sheet c ) Internal check d ) of...