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WorksheetsAccounting and Auditing
Total questions: 32
Worksheet time: 16mins
Management accounts in large companies are prepared:
yearly
monthly
quarterly
weekly
The company must follow a principle of (a) , i.e. it cannot keep changing its accounting systems every year.
In the past, a company's records were kept in real ____ or ____ - hence the term bookkeeping.
(a)
The external auditors must give a(n) (a) opinion of the accounts.
A purchasing ledger tells you about things a company (a) .
Financial statements are published for _____ and _____ to inspect.
(a)
Tick ALL the types of ledgers used in companies.
sales ledger
acquisition ledger
purchasing ledger
bookkeeping ledger
cash ledger
The Statutory Financial Accounts summarize the financial statements for the (a) year.
Accounting standards are the same all over the world.
True
False
____ ____ is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future.
(a)
At the end of an audit, the auditors will always sign off the accounts.
True
False
In order to run 'substantive tests', the auditors will visit the factories and warehouses.
True
False
By law, a public company has to publish its statutory accounts every year.
True
False
The company must be careful or (a) in its estimate of the value of things it owns.
Nowadays companies use books or ledgers to prepare the accounts.
True
False
Auditors want to know if a company's accounts offer a ___
reliable and fair view
true and fair view
trustworthy and reliable view
real and true view
Internal auditor checks the company's accounts and writes a report on the accuracy of the financial statements.
True
False
At the end of their tests the auditors first send _____
qualified opinion
management accounts
the letter to management
purchasing ledger
a letter to shareholders
The (a) of a company want to know if the management are not hiding information or even committing fraud.
A modern company is regulated by__
regulators
laws
shareholders
In a (a) opinion the auditors point out the things that they cannot prove.
The auditors usually inspect every document in detail.
True
False
A public company has to do an external audit ___
every quarter
every week
every month
every year
The auditors will inspect such documents as:
invoices
management letter
qualified reports
bank statements
receipts
Tick ALL the documents that the Statutory Financial Accounts include:
management accounts
balance sheet
income statement
auditors' report
cash-flow statement
The purpose of substantive tests is to know if the (a) a company claims to own really exist.
The auditors visit the factories and warehouses in order to physically see items recorded in books.
True
False
The management accounts are prepared once a year.
True
False
The auditors report is complete if they declare that "in their opinion" the accounts are accurate and give a ____ ____ ____ ____ of a company's position.
(a)
A document which describes what auditors have found and what needs to be corrected before they can sign off the accounts is called the _____ _____ _____.
(a)
(a) accounts give an up-to-date statement of the company's current financial situation.
Management accounts are published outside the company.
TRUE
FALSE
