Auditing

Auditing

Medium

The fundamental objective of the audit of a company is to_____________?

A Protect the interests of the minority shareholders

B Detect and prevent errors and fraud

C Assess the effectiveness of the company’s performance

D Attest to the credibility of the company’s accounts ✓

AK

Ali Khan 6 months ago

Auditing

Medium

Concealment of shortage by delaying the recording of cash receipts is known as_____________?

A Embezzlement

B Misappropriation

C Lapping ✓

D None of these

AK

Ali Khan 6 months ago

Auditing

Medium

Auditing is compulsory for____________?

A Small scale business

B Partnership firms

C Joint stock Companies ✓

D Proprietary Concerns

AK

Ali Khan 6 months ago

Auditing

Medium

Process of verifying the documentary evidences of transactions are known as___________?

A Auditing

B Testing

C Vouching ✓

D Verification

AK

Ali Khan 6 months ago

Auditing

Medium

An auditor is like a_______________?

A Blood haunt

B Watch dog ✓

C May both according to situation

D None of these

AK

Ali Khan 6 months ago

Auditing

Medium

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 Depends on the type of audit. ✓

AK

Ali Khan 6 months ago

Auditing

Medium

The independent auditor’s primary responsibility is to______________?

A the directors

B the company’s creditors (payables)

C the company’s bank

D the shareholders ✓

AK

Ali Khan 6 months ago

Auditing

Medium

The term ‘Audit’ is derived from a Latin word “audire” which means___________?

A To inspect

B To examine

C To hear ✓

D To investigate

AK

Ali Khan 6 months ago

Auditing

Medium

Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?

A The shareholders in a general meeting ✓

B The managing director

C The board of directors in a board meeting

D The audit committee

AK

Ali Khan 6 months ago

Auditing

Medium

____________ is a systematic examination of the books and records or a business?

A Auditing ✓

B Vouching

C Verification

D Checking

AK

Ali Khan 6 months ago

Practice Questions

The fundamental objective of the audit of a company is to_____________?

Concealment of shortage by delaying the recording of cash receipts is known as_____________?

Auditing is compulsory for____________?

Process of verifying the documentary evidences of transactions are known as___________?

An auditor is like a_______________?

The main object of an audit is _____________?

The independent auditor’s primary responsibility is to______________?

The term ‘Audit’ is derived from a Latin word “audire” which means___________?

Assuming that it is not the first appointment of the auditor, who is responsible for the appointment of the auditor?

____________ is a systematic examination of the books and records or a business?

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