Auditing MCQs

M

Mr. Dubey • 51.67K Points
Coach

Q 21. Internal auditor has to submit report to –

(A) Shareholders
(B) Government
(C) Company law board
(D) none of above

M

Mr. Dubey • 51.67K Points
Coach

Q 22. A remuneration of a company auditor is fixed by the –

(A) Shareholders
(B) Board of directors
(C) Central Government
(D) Appointing authority

M

Mr. Dubey • 51.67K Points
Coach

Q 23. A special auditor is appointed by the –

(A) Shareholders
(B) Board of directors
(C) Central government
(D) CAG

M

Mr. Dubey • 51.67K Points
Coach

Q 24. The vacancy caused by resignation at a 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 • 51.67K Points
Coach

Q 25. First auditor of the company is appointed by the –

(A) Shareholders
(B) Central government
(C) Company law board
(D) Board of directors

M

Mr. Dubey • 51.67K Points
Coach

Q 26. Outstanding expenses should be verified with the help of –

(A) Cashbook
(B) Balance book
(C) Journal proper
(D) None of above.

M

Mr. Dubey • 51.67K Points
Coach

Q 27. Floating assets are valued at –

(A) Cost
(B) Market price
(C) Cost price or market price whichever is less
(D) Cost less than depreciation

M

Mr. Dubey • 51.67K Points
Coach

Q 28. “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.LTDCase

M

Mr. Dubey • 51.67K Points
Coach

Q 29. Valuation of fixed assets is based on the concept –

(A) Going concern
(B) Money measurement
(C) Dual aspect
(D) Cost concept.

M

Mr. Dubey • 51.67K Points
Coach

Q 30. Verification refers to –

(A) Examination of journal & ledger
(B) Examination of vouchers related to assets
(C) Examining the physical existence & valuation of assets
(D) Calculation of valuation of assets

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