
Verification in Auditing - 2
Authored by Laveena D
Business
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Verification is
Confirmation or proving the truth about the Assets and Liabilities appearing in the Balance Sheet
Confirmation or proving the truth about the Assets and Liabilities with the Industry
Confirmation or proving the truth about the Assets and Liabilities within the boundaries of the country
None of the Options
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
MATCH THE FOLLOWING
TERMS:
- Ownership
- Checking of Charges
- Proper Disclosure
- Valuation
MEANINGS:
A. Determining the Real Value of the Asset or Liabilities in the balance sheet
B.Verifies whether the Asset or Liabilities belongs to the Client or not.
C. Each of the asset and liability is properly shown in the financial statements as per law
D. Examining that assets of the firm are free from mortgage and pledge.
1-A, 2-A, 3-C, 4-D
1-D, 2-C, 3-B, 4-A
1-B, 2-D, 3-C, 4-A
1-B, 2-C, 3-A, 4-D
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Vouching is a broader concept than Verification
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Verification examines the Transaction
At the POINT OF ORIGIN
At the FINAL BALANCE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ICAI Stands for
The Indian Chartered Accountants Institute
The Institute of Chartered Accountants of India
The Institution of Chartered Accountants in India
The Indian Chief Accountant Institution
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
CARO Stands for
Chief Officer Review Order
Chartered Accountant Report Order
Companies Auditor's Report Order
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Patents & Copyrights are one and the same
True
False
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