The creditor’s accounts, generally, have credit balance. Debit balance may be due to

Related MCQs

• In order to vouch bought ledger, the auditor obtain confirmations from creditors. The principal reason for the auditor to examine suppliers statements at balance sheet date is to obtain evidence that
• ___ is documentary evidence by which the accuracy in the books of accounts may be proved.
• ‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of _
• While vouching, how will the auditor ensure himself that all credit sales transactions have been recorded by the entity?
• Analytical procedures issued in the planning stage of an audit, generally
• Which of the following statements is, generally, correct about the reliability of audit evidence?
• When is evidential matter, generally, considered sufficient?
• The current file of the auditor’s working papers, generally, should include
• The scope of the audit including reference to the pronouncements of the ICAI, which the auditor adheres to, generally is communicated to the client in the ____ i) auditor’s report ii) engagement letter iii) representation letter
• When restrictions that significantly affect the scope of the audit are imposed by the client, the auditor generally should issue which of the following opinion?