Auditing Corporate Governance solved MCQs

1 of 8

Set 2 »

1. Auditing refers to

a. Examination of accounts of business units only

B. Preparation and checking of accounts

c. c)Examination of accounts by professional accountants

d. d)Checking of vouchers

discuss

a.Examination of accounts of business units only

2. Main object of auditing is

a. Detection of errors

B. To find out whether P&L a/c and B/S show true and fair state of affairs

c. Detection of frauds

d. Non of the above

discuss

b.To find out whether P&L a/c and B/S show true and fair state of affairs

3. Auditing is luxury for a

a. Joint stock company

B. Partnership firm

c. Small shop-keeper

d. Government company

discuss

c.Small shop-keeper

4. Limitation of audit is

a. That it does not reveal complete picture

B. That it does not guarantee accuracy of accounts

c. That auditor may be biased

d. All of the above

discuss

d.All of the above

5. 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

discuss

c.By a person appointed by the management

6. Final audit implies

a. Audit of accounts at the end of the year

B. Finally checking of accounts to reveal frauds

c. audit for submitting report immediately at the end of year

d. audit of banking companies

discuss

a.Audit of accounts at the end of the year

7. Institute of Chartered Accountants of India was established on

a. 1 st April,1956

B. 1 stApril, 1949

c. 1 st July,1956

d. 1 st July,1949

discuss

d.1 st July,1949

8. Joint audit implies

a. Audit of two concerns together

B. Audit of joint stock companies

c. Audit of joint sector companies

d. Audit of two firms of C.A.

discuss

d.Audit of two firms of C.A.

9. The term auditing was associated with

a. Hearing of accounts

B. Hearing of system

c. Hearing of report

d. None of the above

discuss

a.Hearing of accounts

10. The scope of auditing is

a. Narrow

B. Wide

c. Long

d. Short

discuss

b.Wide

11. The arrangement of duties of staff in such a manner, that the work of one person is automatically checked by another during the course of carrying out, recording and processing a transaction.

a. Internal check

B. Internal audit

c. Vouching

d. Internal control

discuss

a.Internal check

12. The object of internal audit is

a. To detect frauds and errors

B. To prevent frauds and errors

c. Both (a) and (b)

d. Neither (a) nor (b)

discuss

a.To detect frauds and errors

13. The process of inspecting a document that supports a recorded transaction in order to verify the authority and authenticity of such a transaction

a. Auditing

B. Audit planning

c. Vouching

d. Internal check

discuss

c.Vouching

14. Which of the following is not the procedure for vouching of cash sales:

a. Examine cash book

B. Examine cash memos

c. Examine the counterfoil of pay in slops

d. Examine balance sheet

discuss

d.Examine balance sheet

15. Who is responsible for the verification of assets?

a. Auditor

B. Management

c. Director

d. None of the above

discuss

a.Auditor

16. Which of the following object is not included while verifying the liabilities by the auditor?

a. Existence

B. Obligation

c. Completeness

d. All of the above

discuss

d.All of the above

17. The work of one clerk is automatically check by another clerk is called

a. Internal control.

B. Internal check.

c. Internal audit.

d. None of the above.

discuss

b.Internal check.

18. Which of the following is not a kind of audit?

a. Statutory and private audit.

B. Government and continuous audit.

c. Continuous, final, Interim, Cash, Cost and Management audit.

d. None of these.

discuss

d.None of these.

19. The audit that is made compulsory under statute is called _________.

a. Statutory audit.

B. Partial audit.

c. Complete audit.

d. Continuous audit.

discuss

a.Statutory audit.

20. This kind of audit is conducted generally between two annual audit ______.

a. Internal audit.

B. Interim audit.

c. Final audit.

d. Continuous audit.

discuss

b.Interim audit.

21. Voucher relates to _________.

a. Cash receipt.

B. Cash payment.

c. Credit transactions.

d. All the above.

discuss

d.All the above.

22. To verify cash transactions, it is necessary

a. System of internal control

B. Check all transaction

c. Documentary evidence for every transaction

d. All of the above.

discuss

d.All of the above.

23. In case of sales return, the auditor should check.

a. Credit notes and delivery challans.

B. Whether cash has been repaid to the client

c. Purchase invoices and goods received notes.

d. Credit notes and goods received notes.

discuss

d.Credit notes and goods received notes.

24. Which of the following is an importance of vouching?

a. Ensures all items are disclosed in the financial statement as per Schedule VI provisions

B. It helps to verify whether entries are passed as per acceptable accounting principles.

c. Helps in detection and prevention of errors & frauds

d. All the above

discuss

d.All the above

25. The elements of auditing includes –

a. Systematic and independent examination

B. Stated purpose

c. Collects and evaluates the evidence

d. All of the above

discuss

d.All of the above

Set 2 »

Question and answers in Auditing Corporate Governance,

Auditing Corporate Governance Multiple choice questions and answers,

Important MCQ of Auditing Corporate Governance,

Solved MCQs for Auditing Corporate Governance,

Auditing Corporate Governance MCQ with answers PDF download

Topic wise solved MCQ's

Bachelor of Commerce (B Com)

Solved MCQ's for Related Topics

Jump to set ->

Each set has max 25 mcqs

Check your understanding of
Auditing Corporate Governance

Quick test

Auditing Corporate Governance solved MCQs

1. Auditing refers to

2. Main object of auditing is

3. Auditing is luxury for a

4. Limitation of audit is

5. Internal Audit is undertaken

6. Final audit implies

7. Institute of Chartered Accountants of India was established on

8. Joint audit implies

9. The term auditing was associated with

10. The scope of auditing is

11. The arrangement of duties of staff in such a manner, that the work of one person is automatically checked by another during the course of carrying out, recording and processing a transaction.

12. The object of internal audit is

13. The process of inspecting a document that supports a recorded transaction in order to verify the authority and authenticity of such a transaction

14. Which of the following is not the procedure for vouching of cash sales:

15. Who is responsible for the verification of assets?

16. Which of the following object is not included while verifying the liabilities by the auditor?

17. The work of one clerk is automatically check by another clerk is called

18. Which of the following is not a kind of audit?

19. The audit that is made compulsory under statute is called _________.

20. This kind of audit is conducted generally between two annual audit ______.

21. Voucher relates to _________.

22. To verify cash transactions, it is necessary

23. In case of sales return, the auditor should check.

24. Which of the following is an importance of vouching?

25. The elements of auditing includes –

Tags

Question and answers in Auditing Corporate Governance,

Auditing Corporate Governance Multiple choice questions and answers,

Important MCQ of Auditing Corporate Governance,

Solved MCQs for Auditing Corporate Governance,

Auditing Corporate Governance MCQ with answers PDF download

Topic wise solved MCQ's

Solved MCQ's for Related Topics

Jump to set ->

Check your understanding of
Auditing Corporate Governance

Auditing Corporate Governance [set-1] solved mcqs PDF download

Share

Auditing Corporate Governance solved MCQs

1. Auditing refers to

2. Main object of auditing is

3. Auditing is luxury for a

4. Limitation of audit is

5. Internal Audit is undertaken

6. Final audit implies

7. Institute of Chartered Accountants of India was established on

8. Joint audit implies

9. The term auditing was associated with

10. The scope of auditing is

11. The arrangement of duties of staff in such a manner, that the work of one person is automatically checked by another during the course of carrying out, recording and processing a transaction.

12. The object of internal audit is

13. The process of inspecting a document that supports a recorded transaction in order to verify the authority and authenticity of such a transaction

14. Which of the following is not the procedure for vouching of cash sales:

15. Who is responsible for the verification of assets?

16. Which of the following object is not included while verifying the liabilities by the auditor?

17. The work of one clerk is automatically check by another clerk is called

18. Which of the following is not a kind of audit?

19. The audit that is made compulsory under statute is called _________.

20. This kind of audit is conducted generally between two annual audit ______.

21. Voucher relates to _________.

22. To verify cash transactions, it is necessary

23. In case of sales return, the auditor should check.

24. Which of the following is an importance of vouching?

25. The elements of auditing includes –

Tags

Question and answers in Auditing Corporate Governance,

Auditing Corporate Governance Multiple choice questions and answers,

Important MCQ of Auditing Corporate Governance,

Solved MCQs for Auditing Corporate Governance,

Auditing Corporate Governance MCQ with answers PDF download

Topic wise solved MCQ's

Solved MCQ's for Related Topics

Jump to set ->

Check your understanding of Auditing Corporate Governance

Auditing Corporate Governance [set-1] solved mcqs PDF download

Share

Check your understanding of
Auditing Corporate Governance