Auditing Introductions

The primary objective of auditing is detection of frauds and errors.

• TRUE

• FALSE

Overstatement of assets leads to window dressing.           

• TRUE

• FALSE

Complete omission does not affect the trial balance.

• TRUE

• FALSE

Teeming and Lading is a type of error

• TRUE

• FALSE

Investigation is the examination of records for some specific purpose

• TRUE

• FALSE

An auditor cannot take the help of experts.

• TRUE

• FALSE

Total of purchase book is not posted to the ledger is an error of commission.

• TRUE

• FALSE

Error of omission is 2 corresponding errors

• TRUE

• FALSE

Audit has been derived from the Latin word Audire which means to see

• TRUE

• FALSE

In accrual concept of business it is assumed that business will have long life

• TRUE

• FALSE