Mumbai University advanced auditing m.com part 2 mcq pdf

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Advanced auditing mcqs m.com part 2 

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1. tax auditor as per income tax act is.

A. Practicing lawyer

B. Practicing company secretary

C. Practicing chartered account 

D practicing account

ANS: C

 

2. Provision regarding the issues bonus shares should be in...

A. Memorandum of association

B  articles of association

C prospectus

D  partnership deed

ANS: B

 

3. Every company having net worth of rupees. ..During any financial year shall constitute a corporate social responsibility committee

A. Five hundred crore or more

B. One hundred crore or more

C. Four hundred crore or more.

D three hundred crore or more

ANS: A

 

4. As per schedule III financial statements are to be prepared in ..format.

A vertical.

B. Horizontal

C straight

D optional

ANS: A

 

5. Out of the following audit of government grants will be important for audit of.

A. Hotel

B  hospital

C  small company

D  partnership firm

ANS: A

 

6. An auditor of banking company is required to submit

A. Short form audit report

B  long form audit report

C. Short form accounting report

D  long form accounting report

ANS: B

 

7.  the information used by auditor in arriving at conclusion on which auditor opinion is based is called

A. Vouchers

B  audit evidence

C  auditor report

D  substantive procedure

ANS: B

 

8.  ...means the same transaction is entered twice by mistake

A. Error of omission

B  error of principle

C. Compensating Error

D  error of duplication

ANS: D

 

9. x Ltd has received payment from one of the debtors in the books of x Ltd.

A cash account will be debited

B. Cash account will be credited

C. Debit note will be issued

D. Credit note will be issued

ANS: A

 

10. under schedule III bills payable are shown under.

A. Short term borrowing

B. Trade payable

C. Short term provision

D  trade receivable

ANS: B

 

11.  Letter of credit are shown under

A. Other assets

B  other liabilities

C. Contingent liability

D. Advances

ANS: C

 

12. Books of accounts are to be maintained as per section. ..of the companies act 2013

A..section 125

B  section 126

C. Section 127

D. Section 128

ANS: D

 

13. rent due but not received is checked by

A. Debit notes

B  sales bills

C  purpose bills

D.  Rent agreement

ANS: D

 

14.  The respondent is asked only to reply if he disagree is ....type of confirmation

A. Positive

B  negative

C. Repetition

D. Voluntary

ANS: B

 

15. Copyright and design are example of .

A. Tangible fixed assets

B  intangible fixed assets

C. Fictitious assets

D. Current assets

ANS: B

 

16. The remuneration of auditor of partnership firm is decided by

A. Auditor

B  partners.

C. Government. 

D. ICAI

ANS: D

 

17.  Long standing debit balance in debtors balance does not incudes

A. Bad debts to be written off

B  fictitious sales

C. Advance received

D omission of collection

ANS: C

 

18. all the expense in the company books of account should be recorded on..

A accrual basis

B  cash basis

C. Random basis

D. Requirements basis

ANS: B

 

19. Sufficiency of the audit evidence is related to.

A. Quantity

B  quality 

C appropriateness

D sufficient

ANS: D

 

20.  Tests of details which consist of studying significant ratio and trend is  called

A. Inspection

B  observations

C analytical procedure

D external confirmation

ANS: C

 

21. Form no 3 cb is used carries on business profession but not required any law to get its account audited

A. The person who carries on business/profession but not required any law to get its account audited

B  the person who carries on business but required to get his accounts audited

C  a limited company

D  a person who is not a business man or professional

ANS: A

 

22. Banking company are required to maintain reserve in cash gold or unencumbered  securities it is call as -----

1 legal ratio

2 capital ratio

3 liquid ratio

4 latest ratio

ANS: C

 

23.  ___ means the same transaction is entered twice by mistake

1 error of omission

2 error of principal

3 compensating error

4 error of dublication

ANS: D

 

24. constitution document of company include __

1 memorandum of article

2memorandum of association

3 article of memorandum

4 deed of memorandum

ANS: B

 

25. capital adequacy requirment for banks are issue by __

1 sbi

2 rbi

3 SBI

4 COMPANY LAW BY BOARD 

ANS: B

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