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A. Shareholders
B. Management
C. Government
D. Law
Answer
Answer
B. Management
Submitted by: Rasool Bux
Internal audit is undertaken:
A. By independent auditor
B. Statutorily appointed auditor
C. By a person appointed by the management
D. By a government auditor
Answer
Answer
C. By a person appointed by the management
Submitted by: Rasool Bux
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication
Answer
Answer
A. Error of principle
Submitted by: Rasool Bux
Audit in depth is synonymous for____________?
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit
Answer
Answer
D. Detailed audit
Submitted by: Rasool Bux
__ is a systematic examination of the books and records or a business?
A. Auditing
B. Vouching
C. Verification
D. Checking
Answer
Answer
A. Auditing
Submitted by: Rasool Bux
The term ‘Audit’ is derived from a Latin word “audire” which means___________?
A. To inspect
B. To examine
C. To hear
D. To investigate
Answer
Answer
C. To hear
Submitted by: Rasool Bux
The main object of an audit is _____________?
A. Expression of opinion
B. Detection and Prevention of fraud and error
C. Both (A) and (B)
D. It depends on the type of audit
Answer
Answer
D. It depends on the type of audit
Submitted by: Rasool Bux
An auditor is like a_?
A. Blood haunt
B. Watchdog
C. May both according to situation
D. None of these
Answer
Answer
B. Watch dog
Submitted by: Rasool Bux
Process of verifying the documentary evidences of transactions are known as___________?
A. Auditing
B. Testing
C. Vouching
D. Verification
Answer
Answer
C. Vouching
Submitted by: Rasool Bux
Auditing is compulsory for____________?
A. Small scale business
B. Partnership firms
C. Joint-stock Companies
D. Proprietary Concerns
Answer
Answer
C. Joint-stock Companies
Submitted by: Rasool Bux