Q. A king of audit conducted for a part of accounting year is called ________
✅ Correct Answer: (A)
Periodical audit
Auditing MCQs and Notes
Q. Analytical procedures are least likely to be use in the audit of
✅ Correct Answer: (A)
cash balance
Q. From July-2019 ______ will be eliminated for NON-banking companies.
✅ Correct Answer: (C)
Super tax
Q. The Phillips curve shows the relationship between inflation and what:
✅ Correct Answer: (D)
Unemployment
Q. In Pakistan insurance company can be formed and is registered under the :
✅ Correct Answer: (C)
Insurance Ordinance 2000
Q. Which of the following methods of sample selection is least suitable for extrapolating results to the population?
✅ Correct Answer: (C)
Haphazard sampling
Q. The phrase (scope of an audit) refers to which one of the following?
✅ Correct Answer: (B)
Audit procedures
Q. Both auditing and accounting are concerned with financial statements. Which of the following:
✅ Correct Answer: (B)
Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
Q. Which of the following statements is, generally, correct about the reliability of audit evidence:
✅ Correct Answer: (B)
Effective internal control system provides reliable audit evidence
Q. The balance of cash in often between one to five percent of total assets. Tick the most appropriate statement with regard to verification of cash in context of this:
✅ Correct Answer: (A)
Cash in always material as materiality is qualitative concept