The legal right to sue and recover an account receivable is the test of

Related MCQs

• The risks identified from top down review of entities and which may affect a number of different account areas are called
• Which of these is the correct set of general financial audit objectives for income & expenditure account
• The point where the total value of errors in an account becomes unacceptable to audit is called
• The acid test for good documentation is
• Financial (attest) audit includes: i Examination and evaluaion of financial records ii Audit of financial systems and transactions iii Audit of intenal control and internal audit functions iv Evaluation of Compliance with applicable statutes and regulations
• If the financial statements properly present receipts and payments or give a true and fair view and have been prepared in accordance with relevant accounting requirements, the auditor
• The primary responsibility for safeguarding the audited entity’s funds and assets and to prevent frauds or errors lies with its
• Policies, systems and procedures established by Comptroller and Auditor General to maintain a high standard of audit activity are also called
• Financial (attest) audit includes an evaluation of Compliance with applicable statutes and regulations
• The following types of financial statements are audited in respect of Union, State and UT Governments i Finance Accounts ii Appropriation Accounts iii Balance Sheet iv Statements of Expenditure