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WorksheetsAuditing_SYBCOM
Total questions: 20
Worksheet time: 20mins
Falsification of accounts is undertaken by
Auditors
Clerks
Accountants
Responsible officials
‘Goods sent on approval basis have been recorded as ‘Credit sales’. This is an example of _
Error of principle
Error of commission
Error of omission
Error of duplication
Auditing is compulsory for
Small scale business enterprises
All partnership firms
All joint stock companies
All proprietary concerns
Interim audit refers to
Examination of accounts continuously
Examination of accounts intermittently
Audit work to find out and check interim profits of a company
Carrying on audit for bonus purposes at the end of the year
A continuous audit is specially needed for
Any trading concern
Smaller concerns
Banking companies
Any manufacturing companies
Window dressing is likely to be committed by ______
Employees
Management
Auditor
Accountant
Secret reserve means _____ reserve
Free
Capital
Hidden
Sinking fund
Which of the below is considered as window dressing?
Over valuation of liabilities
Undervaluation of asset
Charging less depreciation
Charging high depreciation
The auditing where the auditor is constantly engaged in checking the accounts during the whole period or on regular intervals is known as ______
Continuous audit
Concurrent audit
Internal audit
Final audit
Which of the following is not an advantage of balance sheet audit?
Less costly
No dislocation of work
No moral check on employees
No alteration in accounts
Audit plan should be based on _______
Profit of client
Client’s business
Net worth of client
Reputation of client
Which of the below is not a part of audit techniques?
Inspection
Observation
Enquiry
Reporting
Which of the following is not a part of current file of working papers?
Audit plan
Audit programme
Management representations
Analysis of significant ratios
Which of the following statement is True?
Ownership of working papers is with client
Continuous audit disturbs the working of an organisation
Audit programme should be rigid
Routine checking saves time
Current audit file relating to audit of a partnership firm will not contain
Audit Plan
Audit Programme
Partnership Deed
Letters of confirmation
Audit Programme should be
Oral
Rigid
Flexible
oral & flexible
Ownership of Audit Working Papers is with
Auditor
Client
Client & auditor
Accountant
Due to audit programme the work
becomes mechanical
gives shelter to inefficient assistants
fixes responsibility
increase profits
Objective of an audit planning is
identification of potential problems
inefficient work
deadline work
maximise profits
Which of the following is not an advantage of the preparation of working paper?
To provide a guide for advising another client on similar issues
To provide a basis for review of audit work
To provide a basis for subsequent audits
To ensure audit work is being carried out as per programme
