Basic Auditing

_____ Preference shares , dividends are carried forward in the next year, if failed to pay.

• Non-Cumulative

• Cumulative

Non- Participating preference shares do not enjoy ___________

• the right to vote

• the right to get dividend

• the right to get dividend out of surplus profit

• the right to get interest out of surplus profit

Holders of Convertible Preference Shares can get the preference shares converted to _____ after a fixed period.

• Debentures.

• Equity Shares

• Liquid Cash

Share capital of a company is divided into small units .Every unit is known as __________.

When the shares are issued at a price more than the face value, it is known as share issued at________

The application money should be refund within _______ days from the closure of the issue.

The Word audit is derived from the Latin word 'audire' which means

• Active

• Listen

• Think

• Search

In which year the charted Accountants act was passed

• 1947

• 1948

• 1949

• 1950

which of these statements is false

• detection and prevention of errors and fraud are secondary objectives

• the objectives of accounting can be classified into two parts

• primary objectives are also called contingency objectives

• the primary purpose of auditors is report to owners

Auditing begins where ____ends

• Selling

• Production

• Accounting

• Year