vu acc311 Final Term - Quiz No.12
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: Factors affecting reasonable assurance
Inherent limitation of an audit, i.e. failure of audit procedures to detect material misstatements in financial statements because of The use of testing (application of procedures on samples).
Exercise of judgment by the auditor in gathering of evidence and drawing of conclusion.
Existence of other limitations like related parties etc.
All of these
Question 2: Inherent risk, control risk and detection risk are components of
Business risk.
Audit risk.
Materiality risk.
Auditor's risk.
Question 3: These include ratio analysis, trend analysis, and common size analysis of financial as well as non financial information pertaining to the entity
Analytical procedures
Inspection ratio
Observation
None
Question 4: A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of __________?
Error of omission
Error of commission
Compensating error
Error of principle
Question 5: A contract breaches when __________ of one or both parties in a contract to fulfill the requirements of the contract arises.
failure
Success
termination
None of these
Question 6: At each annual general meeting the company (members) shall appoint the __________ [252(1)].
auditors
Managers
Directors
Staff
Question 7: A __________ is a voluntary association of persons created by law.
Business
Partnership
joint stock company
None
Question 8: __________ is a systematic examination of the books and records or a business?
Audit
Vouchar
Checking
Reporting
Question 9: An auditor obtains audit evidence regarding management's assertions for the following areas:
Existence
Occurrence
Valuation
All of these
Question 10: The phrases used; "to express the auditor's opinion" means that __________
the financial statements give not true and fair view or have been presented fairly in all material respects.
the financial statements give a true and fair view or have been presented fairly in all material respects.
the auditor is not responsible for the preparation of the financial statements.
None
