Auditing MCQ Questions and Solutions with Explanations | Commerce

A. unable to frame an opinion

B. in disagreement with the records kept by the management

C. not in an agreement with the stand taken by the management in respect of a material issue

D. None of these

A. Substantive testing

B. Planning stage

C. Overall review stage

D. All of the above

A. Shareholders

B. Statutory auditor

C. Institute of Internal Auditors of India

D. Board of Directors

A. Audit programme

B. Flow charts

C. Working papers

D. Any of the above

A. Blood haunt

B. Watch dog

C. May both according to situation

D. None of these

A. Correct settlement of claim from the insurance company

B. Borrowings from the banks made easy

C. Income tax authority generally accepts the audited accounts to be correct

D. It facilitates the settlement of the accounts of a deceased partner

E. To engage the accountants for the whole of the year to prepare segment wise accounting records for verification

A. To make a report to the members of the company on the accounts examined by him

B. To enquire whether loans and advances made by the company on the basis of security have been properly secured

C. Where it is stated in the books of the company that shares have been allotted for cash, to enquire whether cash has actually been received in respect of such allotment

D. To physically verify the value of stock in hand at the close of the year

A. Shareholder - without any fee

B. Debentureholder - on payment of fee

C. any person - on payment of fee

D. None of the above

A. make written representations

B. get his representations circulated

C. be heard at the meeting

D. speak as a member of the company

A. loose

B. medium

C. Sharp

D. Similar