MCQGeeks
0 : 0 : 1
CBSE
JEE
NTSE
NEET
English
UK Quiz
Quiz
Driving Test
Practice
Games
Quiz
Commerce
Auditing
Quiz 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Q.1
Auditing is compulsory for
Small scale business
Partnership firms
Joint stock Companies
Proprietary Concerns
Q.2
Errors of Omission are
Technical errors
Errors of principle
Compensating errors
None of the above
Q.3
Civil liability of an auditor implies liability for
misappropriation of cash
misappropriation of goods
fraud
misfeasance
Q.4
Audit of banks is an example of –
Statutory audit
Balance sheet audit
Concurrent audit
All of the above
Q.5
An auditor is like a
Blood haunt
Watch dog
May both according to situation
None of these
Q.6
Audit in depth is synonymous for
Complete audit
Completed audit
Final audit
Detailed audit
Q.7
Purchase returns should be vouched with the help of
Bought notes
Credit notes
Goods inward book
Cash book
Q.8
Internal audit is undertaken
By independent auditor
Statutorily appointed auditor
By a person appointed by the management
By a government auditor
Q.9
10.Vouching of the balances of all incomes and expenses account is known as vouching of _____
Personal ledger
Impersonal ledger
Cash
Q.10
Which of the following affects audit effectiveness?
Risk of over reliance
Risk of incorrect rejection
Risk of incorrect acceptance
Both (a) and (c)
Q.11
Which of the following statements is not true about continuous audit?
It is conducted at regular interval
It may be carried out on daily basis
It is needed when the organization has a good internal control system
It is expensive
Q.12
An auditor assesses control risk because it
Affects the audit risk
Affects the level of detection risk that auditor may accept
Helps him to fix materiality level for each financial assertion
Is directly related to inherent risk
Q.13
Errors and frauds already committed can be discovered under the system of ________.
internal audit, internal check, internal control
external check
statutory audit
interim audit
Q.14
An auditor should study and evaluate internal controls to
Determine whether assets are safeguarded
Suggest improvements in internal control
Plan audit procedures
Express and opinion
Q.15
The title of AAS2 issued by Council of ICAI is ___
Objective and Scope of the Financial Statements
Objective and Scope of the Audit of Financial Statements
Objective and Scope of Business of an Entity
Objective and Scope of Financial Statements Audit
Q.16
The performance of tests of control is documented in
Audit programme
Flow charts
Working papers
Any of the above
Q.17
Control risk is assessed at
Overall financial statements level
Fraud risk factor level
Financial statement assertion level
Control environment level
Q.18
Which of the following is not an inherent limitation of internal control system?
Management override
Collusion among employees
Inefficiency of internal auditor
Abuse of authority
Q.19
Which of the following are included in test of control?
Reperformance and observation
Inquiry and analytical procedures
Comparison and conformation
Inspection and verification
Q.20
Which of the following statements is most closely associated with analytical procedureapplied at substantive stage?
It helps to study relationship among balance sheet accounts
It helps to discover material misstatements in the financial statements
It helps to identify possible oversights
It helps to accumulate evidence supporting the validity of a specific account balance
0 h : 0 m : 1 s
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Report Question
×
What's an issue?
Question is wrong
Answer is wrong
Other Reason
Want to elaborate a bit more? (optional)
Support mcqgeeks.com by disabling your adblocker.
×
Please disable the adBlock and continue.
Thank you.
Reload page