A. Bank statements obtained from the client
B. Documents obtained by auditor from third parties directly.
C. Carbon copies of sales invoices inspected by the auditor
D. Computations made by the auditor
✅ The correct answer is option C.
SSC
1412. Internal check is carried on by
A. Staff specially appointed for the purpose
B. Internal auditor
C. Supervisor of the staff
D. Members of the staff
✅ The correct answer is option D.
1413. Goods sold on the basis of ‘sales or return ‘ should
A. Be included in the stock
B. Not be included in the stock
C. Not be checked by auditor
D. None of the above
✅ The correct answer is option A.
1414. Institute of Chartered Accountants of India was established
A. 1956
B. 1949
C. 1956
D. 1948
✅ The correct answer is option B.
1415. Floating assets are valued at
A. cost
B. Market price
C. Cost or market price whichever is lower
D. Cost less depreciation
✅ The correct answer is option C.
1416. Audit in depth is synonymous for
A. Complete audit
B. Completed audit
C. Final audit
D. Detailed audit
✅ The correct answer is option D.
1417. ‘Auditor is not a valuer’, was stated in
A. Kingston Cotton Mills case
B. London Oil Storage Co. Case
C. London and General Bank case
D. None of the above
✅ The correct answer is option A.
1418. Stock should be valued at
A. Cost
B. Market price
C. Cost or Market price whichever is lower.
D. Cost less depreciation.
✅ The correct answer is option C.
1419. Which of the following statements is not true about continuous audit?
A. It is conducted at regular interval
B. It may be carried out on daily basis
C. It is needed when the organization has a good internal control system
D. It is expensive
✅ The correct answer is option C.
1420. Verification refers to :
A. Examining the physical existence and valuation of assets.
B. Examining the journal and ledger
C. Examination of vouchers related to assets.
D. None of the above.
✅ The correct answer is option A.