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ACC311 Fundamentals of Auditing MCQs

ACC311-Fundamentals of Auditing study material for students of virtual university of Pakistan. Download Past(old) Papers solved/unsolved, past assignments, quiz, mcqs, lecture notes, video lectures, handouts, books of ACC311-Fundamentals of Auditing

Question :
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Who should prepare the annual capital expenditure budgets of the company in order to keep effective?
  • Someone directly responsible to the shareholders
  • Someone directly responsible for goods delivery to the customers
  • Someone directly responsible to the board of directors
  • Someone directly responsible to deal with the suppliers
Take MCQ
NA
Which one of the following matters should be included in the letter of representation?
  • Existence of any immaterial mistake in the statements
  • Existence of any fraud or error in the statements
  • Company’s growth trend in the future in figures
  • Market value of the company’s stock
Take MCQ
NA
Non current assets manufactured or constructed by the company itself should reflect which types of costs in the costing records?
  • Direct costs plus relevant overhead but not include any profit
  • Direct costs plus relevant overhead and any profit earned on it
  • Indirect costs plus relevant overhead but not include any profit
  • Indirect costs plus relevant overhead and any profit earned on it
Take MCQ
NA
An Automobile Company hires auditors at the year end. Auditors are at the stage of verification and vouching of company’s financials. Before examining the equity section they develop general aspects concerning the owner’s equity. In your opinion which one of the following aspects may NOT be considered by the auditors during this assessment?
  • Share capital is properly classified and described in the accounts
  • Capital stock is enough to execute the company’s financial needs
  • Reserves are properly classified and presented
  • Movements in reserves are properly authorized
Take MCQ
NA
Which one of the following aspects of assets must be verified?
  • Cost and authorization
  • Value and existence
  • Beneficial investment
  • Presentation in the accounts
Take MCQ
NA
Which one of the following may not be any matter relevant to verification of assets?
  • Taxation
  • Vouching
  • Insurance
  • The letter of representation
Take MCQ
NA
Which one of the following may NOT consist of any verification methods?
  • Closing balance
  • Acquisitions
  • Disposals
  • Reconciliation
Take MCQ
NA
What auditors seek in the register of non current assets for each major group of assets?
  • Details of each item its cost and residual value
  • Details of each item its cost and accumulated depreciation
  • Details of each item its cost and depreciation
  • Details of each item its cost and capital investment expected returns
Take MCQ
NA
How often Inventory levels should be checked against the inventory records in order to keep its control effectively?
  • Rarely
  • Periodically
  • Never
  • Daily
Take MCQ
NA
How often the Bank reconciliations should be prepared?
  • Weekly
  • Monthly
  • Quarterly
  • Annually
Take MCQ
NA

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