Auditing MCQs and Notes

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Ravi Chauhan • 9.62K Points
Tutor III

Q 361. Gross National income is always more than Net National income because it includes:

(A) Foreign income
(B) Capital consumption allowance
(C) Indirect taxes
(D) Direct taxes

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Ravi Chauhan • 9.62K Points
Tutor III

Q 362. Present value of net cash inflows Rs. 37, 304; Initial capital outlay Rs. 32,000. Excess present value profitability index is:

(A) 1.17
(B) 1.08
(C) 1.71
(D) None of these

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Ravi Chauhan • 9.62K Points
Tutor III

Q 363. Tracing selected shipments to the sales journal to be sure that each one is included is a test of which of the following?

(A) Accuracy
(B) Classification
(C) Completeness
(D) Existence

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Ravi Chauhan • 9.62K Points
Tutor III

Q 364. Which of the following factors would least likely affect the quantity and content of an auditor’s working papers

(A) The assessed level of control risk
(B) The possibility of peer review
(C) The nature of auditor’s report
(D) The content of management represented letter

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Ravi Chauhan • 9.62K Points
Tutor III

Q 365. Quick assets include which of the following?

(A) Cash
(B) Accounts
(C) Receivable
(D) Both a and c

R

Ravi Chauhan • 9.62K Points
Tutor III

Q 366. Which one of the following is the method of assessing the internal control system of an entity:

(A) Audit procedures
(B) Audit evidence
(C) Compliance audit
(D) Technical analysis

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