Auditing M.COM PART 2 MCQ PDF | M.COM PART 2 MCQ
M.COM PART 2 AUDITING 1. An audit is the _________ examination of financial information. a. independent. b. dependent c. accurate d. correct. ANS: A 2. The auditor is required to express his opinion on the financial statements at the end of the audit based on the _________ obtained during the course of the audit. a. audit planning. b audit objective. c. audit evidence. d. books of accounts. ANS: C 3. __________ are innocent mistakes. a. errors b. frauds. c. mistakes. d. observations. ANS: A 4.__________ is a type of fraud. a. error of principle b. error of omission. c. mis-appropriation of stocks. d. compensating errors. ANS: C 5._________ is a type of external evidence. a. minute books. b. sales invoices. c. inventory invoices. d. bank balance confirmation. ANS: D 6._____________ is a type of internal evidence. a. minute books b. debtors balance confirmation. c. insurance policy d. bank balance confirmation. ANS: A 7. When the effect of one error is compensated by another error _______ error is said to have occurred. a. compensating b. principle c. casting d. omission. ANS: A 8. An error of ________ occurs when a transaction is recorded twice in the books of original entry. a. compensating b. principle c. duplication d. omission. ANS: C 9. __________ is the Central Bank of India. a. RBI. b. SBI c. Imperial d. Federal ANS: A 10. A bank is an Institution which accepts deposits and give ________. a. loans. b. salaries c. revenue d. costs. ANS: A 11. An ________, also called an audit plan, is an action plan that documents and procedures, an auditor, will follow to validate that an Organization is in conformance with compliance regulations. a. Audit programme. b. Audit evidence c. Audit notebook d. Audit working papers. ANS: A 12. ICAI the full form is __________________. a. Institute of Chartered Accountants of India. b. Institute of Cost Accountants of India. c. Institute of Company Secretary of India. d. Institute of Compliance Accountants of India. ANS: A 13. Primary of objective of Audit __________________. a. True and Fair View of Accounts. b. Detection of Erors c. Prevention of Errors d. Prepare and Audit Plan ANS: A 14.Secondary of objective of Audit __________________. a. Detection & Prevention of Errors. b. True and Fair view of Accounts c. Balance Confirmation d. Prepare and Audit Plan ANS: A 15.Sales invoice is ____________- type of Audit Evidence a. Internal b. External c. Permanent d. Temporary ANS: A 16. An information is ___________ if its misstatement could influence the economic decision of users. a. important b. material c. document d. evidence. ANS: B 17. The _________ need to know that the funds they have provided to the business would be repaid on the due dates with agreed rate of interest. a. Purchaser b. Lenders. c. Customers. d. Clients. ANS: B 18. ________________ is analytical and systematic examination of books of accounts of business. a. accounting b. audit c. investigation d. evidence. ANS: B 19. The term ________ refers to an unintentional mistake occurred in the financial statements. a. mistake b. error c. fraud d. mis-statement. ANS: B 20. An _______ is a book in which a large variety of matters observed during the course of audit are recorded by the audit team. a. audit paper b. audit check list c. audit note book. d. audit observation. ANS: C 21. Audit is ________ to the books of accounts. a. limited. b. not limited c. investigation d. verification. ANS: B 22. Regular audit of banks process is known as ___________. a. statutory audit. b. internal. c. concurrent d. stock. ANS: C 23. ____________________ report indicates that the auditor is not satisfied in respect of all material facts. a. Un qualified b. Qualified. c. Restricted d. Favorable. ANS: B 24. Audit is a critical review of the system of accounting and _________ controls. a. external b. internal c. neutral d. inventory. ANS: B 25. __________ is specific and non recurring assignment. a. Audit b. Statutory audit. c. Investigation. d. External audit. ANS: C If You Need Most Importance MCQ PDF Entrepreneurship Question Bank Than Pay Rs 100 Only Contact 8652719712 / 8779537141 Telegram Group Mumbai Univeersity :- https://t.me/mumbaiuniversityidol Suraj Patel Education :- https://t.me/surajpateleducation F.Y.J.C EXAM :- https://t.me/FYJCexam S.Y.J.C EXAM :- https://t.me/SYJCexam F.Y EXAM :- https://t.me/fyexam S.Y EXAM :- https://t.me/syexam T.Y EXAM :- https://t.me/tyexam M.Com Part 1 EXAM :- https://t.me/McomPart1Exam M.Com Part 2 EXAM :- https://t.me/McomPart2Exam M.A EXAM :- https://t.me/mastudentsexam YouTube Channel https://www.youtube.com/channel/UCNxVWIrZ1JYB4y-bWXfaBAw