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ACC311 Quiz NO 2 by VU Friends

Admin Sagheer Malik

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Присоединились: 2019-10-16 08:05:45

2020-03-16 11:00:34

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

67
sec(s)

Question # 1 of 15 ( Start time: 12:15:53 PM )

Total Marks: 1

While conducting operational audit, which one of the following auditing procedures does the auditor primarily rely upon?

Select correct option:

	Inquiry and observation
	Analytical procedures
	Physical inspection
	Tracing and vouching

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

75
sec(s)

Question # 2 of 15 ( Start time: 12:17:12 PM )

Total Marks: 1

The basic purpose of financial statements audit is to enable the auditor to:

Select correct option:

	Disclosed the errors and omission
	Investigate a fraud
	Express an opinion on the financial statements
	Express an opinion on the efficiency of management

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

68
sec(s)

Question # 3 of 15 ( Start time: 12:18:31 PM )

Total Marks: 1

Which of the following is NOT one of the five major components of internal control?

Select correct option:

	Risk assessment
	Control activities
	Information and communication system
	Human resource background checks

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

84
sec(s)

Question # 4 of 15 ( Start time: 12:19:54 PM )

Total Marks: 1

Which one of the following audit procedures is most associated with the c of ‘Completeness’?

Select correct option:

	Checking that the accounts receivable aged trial balance adds up
	Searching for all unmatched receiving reports
	Confirming an accounts receivable balance with a customer
	Reviewing the outstanding cheques listing

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

88
sec(s)

Question # 5 of 15 ( Start time: 12:21:24 PM )

Total Marks: 1

Which liability shall be imposed, if auditors fail to certify the receipts and payments accounts in the statutory report?

Select correct option:

	Criminal liability
	Civil liability
	Accounting liability
	Personal liability

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

63
sec(s)

Question # 6 of 15 ( Start time: 12:22:52 PM )

Total Marks: 1

Organizations may conduct audit because of the following reasons EXCEPT:

Select correct option:

	The financial statements may be inadvertently misleading
	The financial statements may be deliberately misleading
	The financial statements may fail to conform to regulations
	The financial statements may fail to attract potential investors

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

87
sec(s)

Question # 7 of 15 ( Start time: 12:24:11 PM )

Total Marks: 1

‘Timing of audit procedure’ refers to which one of the following descriptions?

Select correct option:

	It refers to the purpose i.e. (tests of controls or substantive procedures) and their type, that is, inspections, observation, inquiry confirmation, recalculation, re-performances or analytical procedures
	It refers to when audit procedures are performed or the period or date to which the audit evidence applies
	It refers to sample size or number of observations of a control activity (quantity of audit evidence)
	It refers to the nature of testing and their procedures, that is, designing, structuring, and compiling work to be done

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

88
sec(s)

Question # 8 of 15 ( Start time: 12:25:30 PM )

Total Marks: 1

Which one of the following is the source document for purchase returns?

Select correct option:

	Credit notes issued
	Credit note received
	Cash memo
	Sales invoices

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

84
sec(s)

Question # 9 of 15 ( Start time: 12:27:03 PM )

Total Marks: 1

Which of the following is one of the most fundamental and effective internal controls?

Select correct option:

	Increased use of computers for recording accounting transactions
	Increased reliance on internal auditors to monitor accounting systems
	Segregation of incompatible duties across several people
	Having internal auditors report only to the Board of Directors

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

87
sec(s)

Question # 10 of 15 ( Start time: 12:28:16 PM )

Total Marks: 1

The small audit firms provide the following services EXCEPT:

Select correct option:

	Liquidation and receivership work, fraud auditing
	Financial management and system consultancy
	Financial statements planning and preparation
	Tax management and statutory form filling

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

78
sec(s)

Question # 11 of 15 ( Start time: 12:29:42 PM )

Total Marks: 1

Which one of the?

Select correct option: following terms refers to a process which entails selecting one or several transactions and tracing them through the entire accounting process

	Documentation
	Tracing
	A walk-through
	The transaction cycle

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

88
sec(s)

Question # 12 of 15 ( Start time: 12:30:53 PM )

Total Marks: 1

Which one of the following is of least concern to an auditor regarding the client’s internal control system?

Select correct option:

	Efficiency and effectiveness of operations
	Controls related to the reliability of financial reporting
	Controls over classes of transactions
	Auditors are equally concerned with each of the given issues

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

87
sec(s)

Question # 14 of 15 ( Start time: 12:33:27 PM )

Total Marks: 1

Which one of the following is the source document for staff salaries?

Select correct option:

	Approved payrolls
	Vouchers
	Accounting statements
	Cash memos

BC090201366 : Ihsan Ahmad

Quiz Start Time: 12:15 PM

Time Left

39
sec(s)

Question # 15 of 15 ( Start time: 12:34:06 PM )

Total Marks: 1

Suppose that a private limited company has just been incorporated as public limited company. After how much time the company is required to present its first annual accounts before AGM? (Companies Ordinance, 1984)

Select correct option:

	Within 12 months
	Within 13 months
	Within 16 months
	Within 18 months

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ACC311 Quiz NO 2 by VU Friends

Admin Sagheer Malik