Auditing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Auditing .

The essential documents for verification of freehold land

A) Rights statement B) Receipt of contractor C) Lease receipt D) Both A and B

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following can not be appointed as cost auditor?

A) Employee of company B) A company C) Financial audit of company D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Auditing begins where . . . . . . . . ends.

A) Selling B) Accounting C) Inventory D) Business

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Final audit implies

A) Audit of accounts at the end of the year B) Checking accounts to reveal frauds C) Audit for submitting report immediately at the end of the year D) Audit of banking companies

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The financial auditor submits the report to the

A) Shareholders B) Board of directors C) Debtors D) Employees

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The objective(s) of verification of assets is/are

A) To examine the existence of assets B) To examine the ownership of assets C) Proper explanation of mortgage or charge D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following is not a function of an auditor?

A) Checking errors and frauds B) Correcting errors and frauds C) Vouching with original documents D) Preparing final accounts

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

To verify cash transactions, what is necessary?

A) System of internal control B) Check all transactions C) Documentary evidence for every transaction D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The examination of cost accounts and statements is called

A) Complete audit B) Interim audit C) Cost audit D) Internal audit

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

100

Which of the following statements is correct?

A) Valuation is a part of verification B) Verification is a part of the valuation C) Verification has nothing to do with valuation D) Auditor is a valuer

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

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Auditing MCQ Questions and Solutions with Explanations | Commerce