Auditing MCQ Questions and Solutions with Explanations | Commerce

A. It results in the deliberate misappropriation of cash receipts

B. It is associated with cash receipts

C. If same individual maintains cash receipts and cash payments teeming and lading is likely to exist

D. To conceal the shortage, the defraud, usually, tries to keep bank and book amounts in daily agreement so that a bank reconciliation will not detect the irregularity

A. Cash balance

B. Investments

C. Bills receivables

D. Debtors

A. Routine check

B. Vouching

C. Auditing

D. None of these

A. Routine checking

B. Internal check

C. Accounting

D. Vouching

A. Cost of raising a loan

B. Cost of accessories of motor vehicles spent at the time of purchase

C. Expenses incurred for laying of sewers on land purchased

D. Insurance premium paid at the time of registration of the ship

A. Joint Stock Company

B. Government Company

C. Statutory Corporation

D. Government Departments

A. in joint stock companies

B. in sole trading

C. in partnership

D. in all the above

A. Section 209

B. Section 233

C. Section 277

D. None of the above

A. Internal Audit

B. Cost Audit

C. Audit of final accounts

D. All of the above

A. Error of omission

B. Error of commission

C. Compensating error

D. Error of principle