Auditing MCQ Questions and Solutions with Explanations

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Each section contains 100 MCQs on Auditing .

The management auditors work begins

A) After the work of a statutory auditor ends B) Before the work of a statutory auditor begins C) Varies from firm to firm D) None of the above

Discuss

Answer & Solution

Answer: Option A

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

Checking the head of account debited or credited during vouching helps the auditor to

A) Detect errors of principle B) Check whether accounting is proper C) Find errors of commission D) All of the above

Discuss

Answer & Solution

Answer: Option A

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

If auditor does not find any irregularity or fallacy and about which there are no complaint, then which report will be submitted by auditor?

A) Qualified report B) Clean report C) Management report D) Cost report

Discuss

Answer & Solution

Answer: Option B

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

If the book value of an asset stands at . . . . . . . . per cent of the original cost, a company need not provide depreciation on it.

A) Two B) Fifteen C) Five D) None of these

Discuss

Answer & Solution

Answer: Option C

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

Internal audit means

A) Audit undertaken to ascertain the truth and fairness of the state of affairs B) Audit undertaken internally to evaluate management functions C) Audit undertaken by employees of the organization to check financial irregularities D) Audit by an independent auditor to improve internal affairs

Discuss

Answer & Solution

Answer: Option C

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

The practical aspects of management audit is/are

A) Changes in sales B) Changes in price C) Organisational control D) All of these

Discuss

Answer & Solution

Answer: Option D

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

Statement I: The scope of valuation is wider than verification.
Statement II: Valuation is done after vouching but before verification.

A) Statement I is true, but statement II is false B) Statement II is true, but statement I is false 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

Valuation is the base of

A) Verification B) Marketing C) Vouching D) All of these

Discuss

Answer & Solution

Answer: Option A

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

When counting cash on hand the auditor should:

A) Ensure presence of somebody from management B) Obtain a receipt from custodian as to its return C) Ensure postage and revenue stamps are not counted in physical count D) Temporary advances to employees are counted to calculate balance of cash in hand

Discuss

Answer & Solution

Answer: Option C

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

In case of sales return, the auditor should check

A) Credit notes and delivery challans B) Whether cash has been repaid to the client C) Purchase invoices and goods received notes D) Credit notes and goods received notes

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