Audit2 Chp1

Audit2 Chp1

University

10 Qs

quiz-placeholder

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Audit2 Chp1

Audit2 Chp1

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Mohd Fauzi Abu Bakar

Used 2+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Sale of land is a

Revenue received

Capital received

Capital expenses

Revenue expenses

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Special / specific reserve can be created by ________________

Sole proprietor

Partnership

Company

All of above

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Secret reserve can be created by ______________

Public limited company

Banking and financial companies

Private limited company

Co-operative societies

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Vouching of the balances of all incomes and expenses account is known as vouching of ____________

Personal ledger

Impersonal ledger

Personnel ledger

Impersonnel ledger

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

When a transaction has not been recorded in the books of account either wholly or partially such errors are called as ____________

Error of classification

Error of omission

Error of amount

Error of double entry

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Verification of the value of assets, liabilities and equities is called

Continuous audit

Financial audit

Interim audit

Tax audit

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The first step of vouching process is

Selecting a sample of transactions from the ledger

Examining the documentary evidence related to the selected transactions

Checking whether the transactions are supported by relevant documentary evidence or not

Verifying the accuracy and completeness of transaction record

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