Audit Taxation MCQs and Notes

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📊 Audit Taxation
Q. In the case of a company in which not less than _______% of the subscribed share capital is held whether singly or in combination by certain special institutions and bodies, the appointment or re-appointment of auditors shall be made at each annual general meeting by a special resolution.
  • (A) 25%
  • (B) 30%
  • (C) 20%
  • (D) 15%
💬 Discuss
✅ Correct Answer: (A) 25%
📊 Audit Taxation
Q. Auditing begins where _____ends.
  • (A) Selling.
  • (B) Inventory valuation.
  • (C) Accounting.
  • (D) Purchases.
💬 Discuss
✅ Correct Answer: (C) Accounting.
📊 Audit Taxation
Q. Voucher relates to ______.
  • (A) Cash receipt.
  • (B) Cash payment.
  • (C) Credit transactions
  • (D) All of the above.
💬 Discuss
✅ Correct Answer: (D) All of the above.
📊 Audit Taxation
Q. This kind of audit is conducted generally between two annual audits.
  • (A) Internal audit.
  • (B) Interim audit.
  • (C) Final audit.
  • (D) Continuous audit.
💬 Discuss
✅ Correct Answer: (B) Interim audit.
📊 Audit Taxation
Q. Which of the following is not a kind of audit?
  • (A) Statutory and private.
  • (B) Government and continuous audit.
  • (C) Interim audit.
  • (D) None of these
💬 Discuss
✅ Correct Answer: (D) None of these
📊 Audit Taxation
Q. Which Audit is conducted to check the cost records of the company?
  • (A) Financial Audit.
  • (B) Operational Audit.
  • (C) Management Audit.
  • (D) Cost Audit
💬 Discuss
✅ Correct Answer: (D) Cost Audit
📊 Audit Taxation
Q. Audit Evidence is obtained by:
  • (A) Inspection.
  • (B) Observation.
  • (C) Inquiry and Confirmation.
  • (D) All of the above.
💬 Discuss
✅ Correct Answer: (D) All of the above.
📊 Audit Taxation
Q. Internal Audit is conducted by :
  • (A) Employees of an Organization.
  • (B) Customers
  • (C) Government
  • (D) Employees of other Organization.
💬 Discuss
✅ Correct Answer: (A) Employees of an Organization.
📊 Audit Taxation
Q. Meaning of Interim Audit:
  • (A) Audit of 12 months
  • (B) Audit for more than 12 months.
  • (C) Audit for less than 12 months.
  • (D) Audit for long period.
💬 Discuss
✅ Correct Answer: (C) Audit for less than 12 months.
📊 Audit Taxation
Q. What is the main objectives of Auditing?
  • (A) To give an opinion as to the truth and fairness of Financial statement.
  • (B) To finds errors.
  • (C) To help taxation departments.
  • (D) To help customers.
💬 Discuss
✅ Correct Answer: (A) To give an opinion as to the truth and fairness of Financial statement.

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