T.Y B.COM
SEMESTER - 5
MID SEMESTER EXAMINATION
AUDIT & ASSURANCE
MCQS = 2010 - 11
1. _______ contains all real and nominal accounts
a) impersonal ledger
b) personal ledger
c) Purchase ledger
d) sales ledger
2. The creditors accounts generally have credit balance debit balance may be due to
a) Wrong debit to supplier account
b) Advance paid against an order
c) Goods returned
d) any of these
3. Sales to Mr. X for Rs. 11,000 correctly recorded in sales day book but wrongly
debited to X's Account as per Rs.10,500 this errors of _______
a) Errors of principle
b) Errors of omission
c) Compensating errors
d) Errors of commission
4. The main object of audit is ______
a) Expression of opinion
b) Detection & Prevention of fraud & error
c) Both A and B
d) Depends on type of audit
5. Figures may be altered in the account which have already been audited is the disadvantages of
a) Partial audit
b) Interim audit
c) Balance sheet audit
d) Final audit
6. Records of communication with retiring auditor are documented in
a) Per meant audit file
b) Audit working papers
c) Current audit file
d) Audit notebook
7. The current file of the auditors working papers generally include
a) A copy of financial statement
b) A flowchart of the internal control
c) Copies of bond & debentures
d) Organization chart
8. Manipulation of account to show better performance of management is called
a) Window dressing
b) Secret reserve
c) Employment fraud
d) Management fraud
9. Wages paid for installation of machinery charged to trading profit & loss is
a) Clerical errors
b) Errors of principle
c) Errors commission
d) Correct statement
10. Audit of bank is an example of
a) Balance sheet audit
b) Statutory audit
c) Consultant audit
d) All
11. Balance sheet audit includes verification of
a) Assets and liabilities
b) Income & expenses accounts where appropriate
C) Examination of adjusting and closing entries
d) All Above
12. Window dressing the bank overdraft is an example of
a) Understatement of liabilities
b) Manipulation of expenses
c) Overstatement of assets
d) None of these
13. Continuous audit is useful for
a) small concerns
b) Medium conches
c) Big concerns
d) None of these
14. All the papers pertaining to the year under audit are field in the
a) audit file
b) Per meant file
c) current file
d) All
15. _______ is the owner of working papers
a) owner of the film
b) Workers of the firm
c) Auditor
d) None of these
16. The benefit of __________ is likely to be enjoyed not only in the current year but also in some more years to come
a) Capital expenditure
b) Prepaid expenses
c) Revenue expenditure
d) Deferred revenue expenses
17. Assets which continuously decline in their value due to extraction or depletion are called
a) current Assets
b) Depreciable assets
c) Wasting assets
d) Fixed assets
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