Audit – Test Paper 1
Time : 1 Hr Max. Marks: 200
Each correct answer carries 4 marks while 1 mark will be deducted for each incorrect answer.
- None of the following persons shall be qualified for the appointment as auditor of a company:
(a) A body corporate
(b) An officer or employee of the company
(c) A person who is partner or who is in the implement of an officer
(d) All of the above - When the auditor is satisfied as to the fairness of the balance sheet and P/L A/c, he will give a:
(a) Qualified report
(b) Clean and and unqualified report
(c) General report
(d) None of the above - Audit means ______________.
(a) Recording business transactions
(b) Preparing the final accounts
(c) Examination of books accounts,vouchers etc.
(d) Preparing final accounts - Auditor shall report on the accounts examined by him _________________.
(a) To the shareholders
(b) To the court
(c) To the bank
(d) To the general public - Verification of the value of assets, liabilities the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called _________________.
(a) Continuous Audit
(b) Balance Sheet Audit
(c) Interim Audit
(d) Partial Audit