A. a compliance procedure
B. an audit technique
C. a principle of audit
D. none of the above
✅ The correct answer is option B.
________________ should be checked by the Auditor in verification of Machinery
A. all the above
B. charge/line
C. the possession
D. ownership
✅ The correct answer is option A.
Closing stock with the consignee is to be shown as the Asset of ________________
A. consignee
B. customer
C. all the above
D. consignor
✅ The correct answer is option D.
If a material financial fraud is detected, Auditor should ________________
A. report it to police
B. report it to the institute of ca of india
C. ignore it
D. report it to the owners or shareholders
✅ The correct answer is option D.
An auditor is like a
A. Blood haunt
B. Watch dog
C. May both according to situation
D. None of these
✅ The correct answer is option B.
The term ‘Audit’ is derived from a Latin word “audire” which means;
A. To inspect
B. To examine
C. To hear
D. To investigate
✅ The correct answer is option C.
Process of verifying the documentary evidences of transactions are known as:
A. Auditing
B. Testing
C. Vouching
D. Verification
✅ The correct answer is option C.
Auditing is compulsory for
A. Small scale business
B. Partnership firms
C. Joint stock Companies
D. Proprietary Concerns
✅ The correct answer is option C.
The main object of an audit is ___
A. Expression of expert opinion
B. Detection and Prevention of fraud and error
C. Both (a) and (b)
D. Depends on the type of audit.
✅ The correct answer is option D.
Concealment of shortage by delaying the recording of cash receipts is known as
A. Embezzlement
B. Misappropriation
C. Lapping
D. None of these
✅ The correct answer is option C.