m com part 2 advanced auditing mcq with answers

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International Marketing

https://www.surajpateleducation.com/2021/02/international-marketing-mcq-with.html

ORGANISATIONAL BEHAVIOUR
1)      https://www.surajpateleducation.com/2021/01/mcom-part-2-organisational-behaviour-mcq.html
2)      https://www.surajpateleducation.com/2021/01/organisational-behaviour-mcq-pdf-mcom.html

Entrepreneurship
1)      https://www.surajpateleducation.com/2021/01/entrepreneurship-mcom-part-2-multiple.html
2)      https://www.surajpateleducation.com/2021/01/entrepreneurship-development-importance.html

Direct Tax
1)  https://www.surajpateleducation.com/2021/01/direct-tax-mcom-part-2-importance-mcq.html
2)  https://www.surajpateleducation.com/2020/12/direct-tax-mcom-part-2-mcq-pdf.html

 

1._________ may direct a special audit if required in the public interest.
a. SBI.
b. RBI.
c. Canara Bank
d. Federal bank.
ANS: B
 
2. The provisions for a company audit are contained in the ___________ Act, 2013.
a. Companies
b. Insurance
c. Telecom.
d. Banking.
ANS: A
 
3. ____________ Audit is required under Section 44AB of India’s Income Tax Act, 1961.
a. Revenue
b. Tax.
c. Sales.
d. Expenses.
ANS: B
 
4. The physical verification of fixed assets is primarily the responsibility of the ________.
a. auditor
b. management
c. RBI
d. SBI.
ANS: B
 
5. _________ constitutes the major part of the assets of the bank.
a. cash
b. balance with rbi
c. advances
d. fixed assets.
ANS: C
 
6. Surplus on revaluation or sale of fixed assets should be treated as __________ reserves.
a. capital
b. revenue
c. revaluation
d. growth.
ANS: A
 
7. CRR stands for ____________.
a. Cash reserve ratio.
b. credit reserve ratio.
c. customer reserve ratio.
d. client reserve ratio.
ANS: A
 
8.__________means adequacy of capital resources of a bank with respect to risk associated with its operations.
a. Revenue adequacy.
b. Capital adequacy.
c. Cash adequacy.
d. Credit adequacy.
ANS: B
 
9. The loss absorption capacity of Tier II capital is lower than that of ________ capital.
a. Tier 1
b. Tier 4.
c. Tier 5.
d. Tier 6.
ANS: A
 
10.___________ is treated as liabilities in the Banks balance sheet.
a. Advances.
b. NPAs
c. Deposits.
d. Loans.
ANS: C
 
11. KYC extended form is _____________.
a. know your customer.
b. Know your client.
c. knowledge your customer.
d. knowledge your client.
ANS: A
 
12. AML extended form is ______________.
a. Anti money laundering
b. Anti material laundering .
c Anti message laundering.
d. Anti medicine laundering.
ANS: A
 
13. A Housing loan is a ___________ loan.
a. Secured.
b. non secured
c. personal
d. working capital.
ANS: A
 
14. The full form of TDS is __________.
a. Tax Deducted at Source.
b. Total Deducted at Source.
c. Tax Detailed at Source.
d. Total Detailed at Source.
ANS: A
 
15.NPA full form is ____________.
a. Non-Performing Assets.
b. New Performing Assets.
c. Not Performing Assets.
d. Non Productivity assets.
ANS: A
 
16. CDR full form is _____________.
a. Corporate Debt Restructuring.
b. Company Debt Restructuring.
c. Cost Debt Restructuring.
d. Class Debt Restructuring.
ANS: A
 
17.____________ outstanding NPA only can be sold.
a. One
b. Two
c. Three
d. Four.
ANS: C
 
18. When NPAs are sold they should be ________ from the books of selling bank.
a. selling
b. buying
c. added.
d. removed.
ANS: D
 
19. If loan is NPA up to 12 months then the same is considered as ___________.
a. Substandard.
b. Loss
c. Doubtful.
d. Profit.
ANS: A
 
20. BCP stands for ____________.
a. Business Continuity Plan.
b. Batch Continuity Plan.
c. Business Commerce Plan.
d. Batch Commerce Plan.
ANS: A
 
21. All banks are required to cover _________ percent of total deposits and 50 percent of total advances under this audit.
a. Twenty
b. Twenty five
c. Fifty
d. Thirty.
ANS: C
 
22. The full form of ECGC is ______________.
a. Export Credit Guarantee Corporation.
b. Export customer Guarantee Corporation.
c. Export Control Guarantee Corporation
d. Export Client Guarantee Corporation.
ANS: A
 
23. Foreign exchange regulations are covered under the _________ Act.
a. FEMA
b. FERA.
c. RBI
d. SBI.
ANS: A
 
24. ___________ audit system is to be regarded as part of bank’s early- warning system to ensure timely detection of irregularities.
a. Internal
b. External
c. Concurrent
d. Stock.
ANS: C
 
25. The emphasis under __________ audit is on substantial checking of transactions.
a. Internal
b. External
c. Concurrent
d. Stock. 
 ANS: C

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