vu acc311 Final Term - Quiz No.9
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: __________ is a book of original entries in which all of the cash transactions are recorded very firstly
Cash book
Pass Book
Bank book
Transaction
Question 2: opinion does not achieve?
Future viability of the entity
Efficiency or effectiveness of management.
Both
None
Question 3: __________ mean the disputes over losses caused to one party by acts of another
Civil Liabilities
Legal Liabilities
Major legal decision
Woolen
Question 4: The problem that has always existed at the time when the manager reports to the owners is that: whether the owners will believe the report or not? This is because the reports may:
Contain errors
Not disclose fraud
Be inadvertently misleading
All of theses
Question 5: Judgements about materiality are made in light of surrounding circumstances, and are affected by the __________ of a misstatement, or a combination of both
Size or nature
Size or characteristics
Significance or size
Significance or nature
Question 6: The concept of stewardship means that a company's directors __________?
Are responsible for ensuring that the company complies with the law
Are responsible for ensuring that the company pays its tax by the due date
Safeguard the company's assets and manage them on behalf of the shareholders
Report suspected fraud and money laundering to the authorities
Question 7: Audit should be performed by following certain
standards
international
national
all of these
Question 8: __________ is the very first book of account
Journal
Cash book
Transaction
Book keeping
Question 9: The term 'Audit' is derived from a Latin word "audire" which means __________?
To inspect
To hear
To Examine
None
Question 10: Objective of an audit of financial statements is to enable an __________ to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework (e.g. International or Local Accounting Standards).
Accountant
Auditor
Manager
Chief
