Auditing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Auditing .

The auditor is most likely to examine related party transactions very carefully while vouching:

A) Credit sales B) Sales returns C) Credit purchases D) Cash purchases

Discuss

Answer & Solution

Answer: Option C

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

Investigation is conducted:

A) As a good inquiry B) To establish the correctness of the accounting records C) For some specific purpose D) As a constitutional requirement

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Answer & Solution

Answer: Option C

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

The reason(s) of qualified report is/are

A) Violation of generally accepted principles of auditing B) Violation of accounting principles C) Lack of adequate information and explanations D) All of the above

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Answer & Solution

Answer: Option D

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

Checking the date of voucher on the voucher during vouching, mainly helps the auditor to obtain evidence that

A) The transaction relates to current year B) The transaction has taken place C) The transaction is genuine D) The transaction is legal

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Answer & Solution

Answer: Option A

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

Interim audit refers to

A) Continuous examination of accounts B) Intermittent examination of accounts C) Audit work to find and check the interim profits of a company D) Carrying on audit for bonus purpose at the end of the year

Discuss

Answer & Solution

Answer: Option C

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

The main objective of verification of assets is

A) Physical verification of assets B) Checking the values of assets C) Examining the authority of their acquisition D) All of the above

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Answer & Solution

Answer: Option D

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Acontinuous audit is especially needed for

A) Any trading organization B) Smaller concern C) Banking business D) Manufacturing companies

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Answer & Solution

Answer: Option C

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

In which type of energy audit readily available data is used to analyse the performance?

A) General audit B) Preliminary audit C) Safety audit D) System audit

Discuss

Answer & Solution

Answer: Option B

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Statement I: Management audit is a part of financial audit.
Statement II: Management audit is not compulsory under any law.

A) Only statement I is true B) Only statement II is true C) Both statements are true D) Both statements are false

Discuss

Answer & Solution

Answer: Option B

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

Which of the following is not an advantage of the preparation of working paper?

A) To provide a basis for review of audit work B) To provide a basis for subsequent audits C) To ensure audit work is being carried out as per programme D) To provide a guide for advising another client on similar issues

Discuss

Answer & Solution

Answer: Option D

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

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Auditing MCQ Questions and Solutions with Explanations | Commerce