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A. the directors
B. the company’s creditors (payables)
C. the company’s bank
D. the shareholders
Answer
Answer
D. the shareholders
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Which one of the following is NOT a duty of the auditor?
A. Duty to report to the company’s bankers
B. Duty to report to the members
C. Duty to sign the audit report
D. Duty to report on any violation of law
Answer
Answer
B. Error of commission
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A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of__?
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
Answer
Answer
B. Error of commission
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International auditing standards are issued by the______________?
A. International Accounting Standards Board
B. International Federation of Accountants
C. International Standards Board
D. Auditing Practices Board
Answer
Answer
B. International Federation of Accountants
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The amount invested by the proprietor to start the business is called:
A. Capital
B. Business
C. Drawings
D. All of them
Answer
Answer
A. Capital
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A systematic way to maintain the books of accounts is called_________?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
Answer
Answer
C. Book Keeping
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An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping
Answer
Answer
A. Accounting
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The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
Answer
Answer
C. Book Keeping
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Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Answer
Answer
C. Sales return
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Modern system of book keeping is called______________?
A. Double-entry system
B. American system
C. Single entry system
D. Italic system
Answer
Answer
A. Double-entry system
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