Auditing Quiz

Auditing Quiz

12th Grade

15 Qs

quiz-placeholder

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Auditing Quiz

Auditing Quiz

Assessment

Quiz

Other

12th Grade

Practice Problem

Hard

Created by

Sneha Mithbavkar

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the origin of the term 'audit'?

Derived from the Latin term 'audire,' meaning to see

Derived from the Latin term 'audire,' meaning to hear

Derived from the Greek term 'auditikos,' meaning to read

Derived from the Greek term 'auditikos,' meaning to write

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary objective of an auditor?

To detect and prevent frauds

To prepare the budget of the organization

To detect and prevent errors

To express his opinion on financial statements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of window dressing in financial statements?

To reduce tax liability

To provide a true and clear picture of the business

To manipulate the data and deceive stakeholders

To hide abnormal profits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the meaning of secret reserve in auditing?

Part of profits kept aside for future use

A reserve to attract potential investors

A reserve that appears in the balance sheet

A reserve to over-state profitability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary duty of an auditor in audit reporting?

To prepare the budget of the organization

To maintain secrecy from others about the affairs of his client

To express his opinion on financial statements

To manipulate the financial data

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main advantage of auditing for taxation purposes?

To detect and prevent errors

To increase the morale of the staff

To submit audited accounts for claims

To safeguard the interest of owners

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main disadvantage of auditing related to deeply laid frauds?

No assurance about future profitability

Not possible to detect if fraud done with proper planning

Dependence on others for auditing

Conflict with others in the organization

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