61. Valuation is the base of:
A. Verification.
B. Marketing.
C. Internal checking.
D. Vouching.
✅ The correct answer is option A.
Auditing
62. The company’s auditor is expected to give:
A. His expert opinion about the accounts.
B. A factual position about the accounts.
C. A critical review of the accounts.
D. Financial assistance.
✅ The correct answer is option B.
63. An internal auditor is :
A. Temporary Employee.
B. Permanent Employee.
C. Daily Wager.
D. None of the above.
✅ The correct answer is option B.
64. Special audit is necessary for:
A. Inefficient concern.
B. Processing concern.
C. Trading concern.
D. Manufacturing concern.
✅ The correct answer is option A.
65. Which of the following has a broader scope?
A. Internal Control.
B. Internal Audit.
C. Internal Checking.
D. None of the above.
✅ The correct answer is option D.
66. An auditor is like a :
A. Watchman.
B. Foolish dog.
C. Mad dog.
D. Watch dog.
✅ The correct answer is option D.
67. Audit Note Book contains: ———————————————————
A. Various dates of reference.
B. Details of work done.
C. Notes regarding item requiring clarification, explanations, etc.
D. All of the above.
✅ The correct answer is option D.
68. Internal controls and internal check are :
A. One and the same.
B. Different.
C. Internal control includes internal check.
D. None of the above.
✅ The correct answer is option C.
69. The main object of investigation is :
A. To discover errors and frauds.
B. To prevent errors and frauds.
C. To verify statements.
D. All the above.
✅ The correct answer is option D.
70. Verification is :
A. The art of recording the business transactions.
B. An examination of the books of accounts.
C. The act of establishing the accuracy of entries in the books of accounts.
D. none
✅ The correct answer is option C.