1191. The vacancy caused by resignation at a auditor is filled by – A. Board of directors B. At the general meeting of shareholders C. By the central government D. By the company law board ✅ The correct answer is option B.
1192. First auditor of the company is appointed by the – A. Shareholders B. Central government C. Company law board D. Board of directors ✅ The correct answer is option D.
1193. Outstanding expenses should be verified with the help of – A. Cashbook B. Balance book C. Journal proper D. None of above. ✅ The correct answer is option C.
1194. Floating assets are valued at – A. Cost B. Market price C. Cost price or market price whichever is less D. Cost less than depreciation ✅ The correct answer is option C.
1195. Valuation of fixed assets is based on the concept – A. Going concern B. Money measurement C. Dual aspect D. Cost concept. ✅ The correct answer is option A.
1196. Verification refers to – A. Examination of journal & ledger B. Examination of vouchers related to assets C. Examining the physical existence & valuation of assets D. Calculation of valuation of assets ✅ The correct answer is option C.
1197. Undervaluation of stock is – A. Technical error B. Compensatory error C. Error of principle D. none of these ✅ The correct answer is option C.
1198. Vouching implies – A. Inspection of receipts B. Examination of vouchers to check authenticity of records C. Surprise checking of accounting records D. Examining the various assets ✅ The correct answer is option B.
1199. Errors of omission are – A. Technical errors B. Error of principle C. Compensating error D. none of these ✅ The correct answer is option A.
1200. AAS refers to – A. Audit evidence B. Audit Planning C. Risk assessments &Internal control D. Knowledge of business ✅ The correct answer is option D.