PRACTICAL AUDITING MCQ
Auditing typically refers to financial statement audits or an objective examination and evaluation of a company’s financial statements – usually performed by an external third party. Audits can be performed by internal parties and a government entity, such as the Internal Revenue Service (IRS)
121. CAATTS is also known as ———–
a. Cost And Accounts Treatments
b. Computer Assisted Audit Tools and Techniques
c. Classification and Accounting of Tax Tools
Answer:- b. Computer Assisted Audit Tools and Techniques
122. Auditor has got no lien on ————-
a. Audit Note Nook
b. Audit working papers
c. Books to Accounts of Client
Answer:- c. Books to Accounts of Client
123. Statutory Report should be sent to registrar before ——————- days of statutory meeting
a. 30 days
b. 14 days
c. 21 days
Answer:- c. 21 days
124. The meeting held by the company with in a period of not less than one month and not more than 6 months is called ————-
a. Statutory
b. Annual
c. General
Answer:- a. Statutory
125. ——————– audit is not a statuary requirement
a. Management
b. Financial
c. Tax Audit
Answer:- a. Management
126. —————– audit refers to the evaluation of company’s performance against planned goals in the areas of social responsibility.
a. Cost audit
b. Social audit
c. Management audit
Answer:- b. Social audit
127. Bonus shares are issued to —————-
a. New members
b. Existing share holders
c. Employees
Answer:- b. Existing share holders
128. ——– Section of the Companies Act deals with Appointment of Company auditor.
a. Sec-226
b. Sec-224
c. Sec-227
Answer:- b. Sec-224
129. ——– Section of the Companies Act deals with qualification of Company auditor.
a. Sec-226
b. Sec-224
c. Sec-227
Answer:- a. Sec-226
130. Amount of Share premium may be utilized for
a. Payment of dividend
b. Writing of preliminary expenses
c. Routine expense
Answer:- b. Writing of preliminary expenses
