vu acc311 Final Term - Quiz No.1
vu acc311 Fundamentals of Auditing Quiz
This quiz belongs to book/course code vu acc311 Fundamentals of Auditing of vu organization. We have 18 quizzes available related to the book/course Fundamentals of Auditing. This quiz has a total of 10 multiple choice questions (MCQs) to prepare and belongs to topic Final Term. NVAEducation wants its users to help them learn in an easy way. For that purpose, you are free to prepare online MCQs and quizzes.
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Question 1: The report should indicate the __________
date and area
date and time
date and copy of documents
date and place
Question 3:
- Receipt voucher
- Payment voucher
- Journal voucher
- Petty cash voucher
memo
vouchers
transaction
business
Question 5: Process of verifying the documentary evidences of transactions are known as __________?
Auditing
Testing
Vouching
Verification
Question 6: ISAs require that __________ discuss the susceptibility of the entity's financial statements to material misstatement
The engagement partner and an outside partner.
Auditee management and the engagement partner.
Key engagement team members.
The engagement partner and other key engagement team members.
Question 7: __________ is a plan of income, expenses & other financial operation for a future period.
Budget
Accounting
Book Keeping
Finance
Question 8: The President of ICAP is the __________ of the Institute.
Secretary
Director Technical Services
Chief Executive
All of above
Question 9: It means a conclusion that the financial statements are not materially misstated.
Reasonable assurance
Internal Control
Human error
All of these
Question 10: In determining what a significant risk is, the auditor considers a number of matters, including all the following except
Whether the risk is related to recent significant accounting developments and, therefore, requires specific attention
The degree of subjectivity in the measurement of financial information related to the risk.
The likelihood of the occurrence of the risk.
The complexity of transactions that may give rise to the risk.
