11
Accounting for intangible assets is related to
A)
AS-10
B)
AS-12
C)
AS-24
D)
As-26
Answer & Solution
Answer: Option
D
12
The technique of management audit in which functions and achievements of two or more firms are compared, is called
A)
Comparative analysis
B)
Inter-firm comparison
C)
Routine check
D)
Ratio analysis
Answer & Solution
Answer: Option
B
13
. . . . . . . . audit refers to the evaluation of a company's performance against planned goals in the areas of social responsibilities.
A)
Cost
B)
Social
C)
Interim
D)
Final
Answer & Solution
Answer: Option
B
14
In vouching, salary register should be compared with
A)
Payment book
B)
Cashbook
C)
Wages register
D)
Cash voucher
Answer & Solution
Answer: Option
B
15
The area of operations in auditing includes
A)
Condition of appointment
B)
Needs of related law
C)
Both A and B
D)
Either A or B
Answer & Solution
Answer: Option
C
16
During the audit of accounts receivable, an auditor obtains sufficient and appropriate evidence in support of the existence assertion this evidence can be used to support which of the following assertions in respect of sales?
A)
Existence
B)
Cut-off
C)
Occurrence
D)
Completeness
Answer & Solution
Answer: Option
C
17
Vouching helps the auditors to ascertain whether the entries in the book . . . . . . . . . , this is the basic objective of auditing.
A)
True and fair
B)
Only true
C)
Only fair
D)
None of these
Answer & Solution
Answer: Option
A
18
Which of the following acts do not have any coverage under Secretarial Audit?
A)
The Companies Act, 1956 and the rules made under there
B)
The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made under there
C)
Foreign Exchange Management Act, 1999 and the rules & regulations made under there
D)
Specific Regulation of Securities and Exchange Board of India Act, 1992
E)
Payment of Bonus Act, 1965 and the rules under there
Answer & Solution
Answer: Option
E
19
The statutory auditor is duty-bound to :
A)
Review the managerial processes and procedures
B)
Prepare the final accounts of the company in accordance with the provisions of the company law
C)
Submit a report to the members of the company
D)
Verify physically the various assets of the company
Answer & Solution
Answer: Option
C
20
The main object of an audit of accounts of a joint-stock company is
A)
Detection and prevention of errors
B)
Detection and prevention of frauds
C)
Detection and prevention of errors and frauds
D)
To find out whether the balance sheet and profit and loss account are drawn up properly according to the Companies Act, and they represent a trace and fair view of the state of affairs
Answer & Solution
Answer: Option
D
