vu acc311 Final Term - Quiz No.3
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.
NVAEducation also facilitates users to contribute in online competitions with other students to make a challenging situation to learn in a creative way. You can create one to one, and group competition on an topic of a book/course code. Also on NVAEducation you can get certifications by passing the online quiz test.
Question 1: Audit evidence include
For internal control
For transactions & accounts balances
For financial statements
All of these
Question 3: Duties of auditor under section. (255(3)) are:
To give a report to the members on the accounts, books of account, balance sheet and profit and loss account examined by him. (255(3))
Where any matter reported upon is answered in the negative or with a qualification the report shall include reasons for such qualification with factual position.
To include in the report of the company such matters as directed by the FederalGovernment
All of above
Question 4: if the payment is delayed to a future date, the transaction is termed as a __________ transaction.
Debit
Credit
Contra
All of above
Question 5: __________ is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
Financial Accouning
Cost Accounting
Managerial accounting
Record
Question 6: To provide a reliable audit report, an auditor preferably must have a proper understanding of:
Entity and its overall environment
Entity and its marketing environment
Entity and its production environment
Entity and its workplace environment
Question 8: IFRS stands for which one of the following?
International Financial Reporting Standards
International Financial Recording Systems
International Financial Recording Statements
International Financial Reporting Systems
Question 9: Profit and Loss account and Balance Sheet shall be audited by the __________
Auditor
manager
accountant
all of these
Question 10: Significant conditions, events, circumstances or actions that could adversely affect the entity's ability to achieve its objectives and execute its strategies create:
Detection risks
Control risks.
Business risks.
Management risks.
