Auditing MCQs and Notes

M

Mr. Dubey • 51.17K Points
Coach

Q 1. Thevacancy caused by resignation of an auditor is filled by –

(A) Board of directors

(B) At the general meeting of shareholders

(C) By the central government

(D) By the company law board

M

Mr. Dubey • 51.17K Points
Coach

Q 2. “Auditor is not valuer.” This statement was stated in –

(A) Kingston Cotton Mill Case

(B) London & General Bank Case

(C) Lee VS Neuchatel Co. LTD Case

(D) London Oil Storage Co.LTD Case

M

Mr. Dubey • 51.17K Points
Coach

Q 3. Sale of Rs.50,000 to ‘A’ was entered as a sale to ‘B’. This is an example of –

(A) Error of omission

(B) Error of commission (

(C) Compensating error

(D) Error of Principle.

M

Mr. Dubey • 51.17K Points
Coach

Q 4. Voucher relates to:

(A) Cash receipt.

(B) Cash payment.

(C) Credit transactions.

(D) All the above.

M

Mr. Dubey • 51.17K Points
Coach

Q 5. Valuation is the basis of :

(A) Verification.

(B) Marketing.

(C) Internal checking.

(D) Vouching.

M

Mr. Dubey • 51.17K Points
Coach

Q 6. The main object of vouching is :

(A) To prepare trial balance.

(B) Conduct routine checking.

(C) Verify authenticity & authority of transactions.

(D) Checking of vouchers.

M

Mr. Dubey • 51.17K Points
Coach

Q 7. Which of the following is not a duty of an auditor?

(A) Duty to report company’s banker

(B) Duty to report to the members

(C) Duty to sign the audit report

(D) Duty to report on any violation of law

M

Mr. Dubey • 51.17K Points
Coach

Q 8. Internal Auditing Standards are issued by the –

(A) International Accounting Standard Board

(B) Financial Accounting Standard Board

(C) International Audit & Assurance Standard Board

(D) Auditing Practices Board

M

Mr. Dubey • 51.17K Points
Coach

Q 9. Cost Audit under Section 233(B) of The Company Act is _____

(A) Voluntary

(B) Compulsory

(C) Advisable.

(D) Avoidable

M

Mr. Dubey • 51.17K Points
Coach

Q 10. Auditor of a _____ company does not have right to visit foreign branches of company.

(A) Unlimited Company

(B) Manufacturing Company

(C) Banking Company

(D) Non-Profit making company

Auditing

Q 1. Thevacancy caused by resignation of an auditor is filled by –

Q 2. “Auditor is not valuer.” This statement was stated in –

Q 3. Sale of Rs.50,000 to ‘A’ was entered as a sale to ‘B’. This is an example of –

Q 4. Voucher relates to:

Q 5. Valuation is the basis of :

Q 6. The main object of vouching is :

Q 7. Which of the following is not a duty of an auditor?

Q 8. Internal Auditing Standards are issued by the –

Q 9. Cost Audit under Section 233(B) of The Company Act is _____

Q 10. Auditor of a _____ company does not have right to visit foreign branches of company.

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