Auditing MCQ Questions and Solutions with Explanations | Commerce

A. Rights statement

B. Receipt of contractor

C. Lease receipt

D. Both A and B

A. Employee of company

B. A company

C. Financial audit of company

D. All of the above

A. Selling

B. Accounting

C. Inventory

D. Business

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

A. Shareholders

B. Board of directors

C. Debtors

D. Employees

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

A. Checking errors and frauds

B. Correcting errors and frauds

C. Vouching with original documents

D. Preparing final accounts

A. System of internal control

B. Check all transactions

C. Documentary evidence for every transaction

D. All of the above

A. Complete audit

B. Interim audit

C. Cost audit

D. Internal audit

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