71. The owners of the company are called:
A. Debenture holders.
B. Debtors.
C. Shareholders.
D. None of the above.
✅ The correct answer is option C.
Auditing
72. 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.
✅ The correct answer is option B.
73. A sale of Rs. 50000 to Mr. A was entered as a sale to Mr. B. This is an example of what?
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
✅ The correct answer is option B.
74. Verification of the value of assets, liabilities, the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called _________.
A. continuous audit
B. balance sheet audit.
C. interim audit
D. partial audit
✅ The correct answer is option B.
75. When a transaction has not been recorded in the books of account either wholly or partially such errors are called as _________.
A. errors of commission
B. errors of omission
C. compensating error
D. error of principle
✅ The correct answer is option B.
76. Sale of land is a __________.
A. revenue receipt
B. capital receipt
C. capital expenditure
D. revenue expenditure
✅ The correct answer is option B.
77. Purchase of machinery is a ____________.
A. revenue receipt
B. capital receipt
C. capital expenditure
D. revenue expenditure
✅ The correct answer is option C.
78. Internal check is meant for ___________.
A. Prevention of frauds
B. Detection of frauds
C. Helping audit is depth
D. Detection of errors
✅ The correct answer is option A.
79. Voucher relates to _________.
A. Cash receipt & payments, credit transactions
B. Cash payment only
C. Credit transactions only
D. Cash receipt only
✅ The correct answer is option A.
80. A Voucher is a _______.
A. Document is support of an entry made in books of accounts
B. Invoice received from suppliers
C. Receipt issued to a customer for cash
D. Dispatch Receipt
✅ The correct answer is option A.