Auditing MCQ Questions and Solutions with Explanations | Commerce

A. To be reliable, evidence should conclusive rather than persuasive

B. Effective internal control system provides reliable audit evidence

C. Evidence obtained from outside sources routed through the client

D. All are correct

A. Complete audit

B. Completed audit

C. Final audit

D. Detailed audit

A. Determinations of responsibility center

B. Review of performance of each responsibility center

C. Review of organizational structure

D. Investigating the depreciation method and its application on fixed assets in the company

A. It invoices substantiation of occurrence of transactions

B. Its objective is to establish existence, ownership, possession, valuation and disclosure of assets

C. The auditor has to form an opinion on different aspects

D. All are true

A. Social

B. Economic

C. Primary

D. Subsidiary

A. When book-keeping ends

B. When the accounting work is over

C. When the management goes on leave

D. When new partner is admitted

A. Vouching

B. Valuation of assets and liabilities

C. Audit planning

D. Objective and scope of the audit of financial statements

A. Board of directors

B. Company registrar

C. Debentureholders

D. General meeting of shareholders

A. Document the conclusions

B. Documents the reasons along with conclusions

C. Perform tests of control

D. Perform walk through tests

A. TISCO

B. UTI

C. BHEL

D. AIR INDIA