Auditing - Practice Test | ExamPrepSheets

[#296] Which among the following is not associated with an advantage of audit?

(A) Correct settlement of claim from the insurance company

(B) Borrowings from the banks made easy

(C) Income tax authority generally accepts the audited accounts to be correct

(D) It facilitates the settlement of the accounts of a deceased partner

Correct Answer

Correct settlement of claim from the insurance company

[#297] Which of the following is not the duty of a company auditor:

(A) To make a report to the members of the company on the accounts examined by him

(B) To enquire whether loans and advances made by the company on the basis of security have been properly secured

(C) Where it is stated in the books of the company that shares have been allotted for cash, to enquire whether cash has actually been received in respect of such allotment

(D) To physically verify the value of stock in hand at the close of the year

Correct Answer

(D) To physically verify the value of stock in hand at the close of the year

[#298] Who can check the minute book?

(A) Shareholder - without any fee

(B) Debentureholder - on payment of fee

(C) any person - on payment of fee

(D) None of the above

Correct Answer

(A) Shareholder - without any fee

[#299] The retiring auditor does not have a right to

(A) make written representations

(B) get his representations circulated

(C) be heard at the meeting

(D) speak as a member of the company

Correct Answer

(D) speak as a member of the company

[#300] The work of continuous auditor is

(A) loose

(B) medium

(C) Sharp

(D) Similar

Correct Answer

(D) Similar

Auditing - Study Mode

[#296] Which among the following is not associated with an advantage of audit?

Correct Answer

[#297] Which of the following is not the duty of a company auditor:

Correct Answer

[#298] Who can check the minute book?

Correct Answer

[#299] The retiring auditor does not have a right to

Correct Answer

[#300] The work of continuous auditor is

Correct Answer