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  • Quiz No. 5 - ACC311 Fundamentals of Auditing - Fall 2012

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    Samina Haider
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    This document appears to be a series of quiz questions about the topic of auditing. It includes 10 multiple choice questions covering various aspects of auditing like internal controls, audit procedures, evidence evaluation. The questions assess understanding of key auditing concepts like internal control evaluation, common size analysis, test of controls, flowcharts and work in process inventory.

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    This document appears to be a series of quiz questions about the topic of auditing. It includes 10 multiple choice questions covering various aspects of auditing like internal controls, audit procedures, evidence evaluation. The questions assess understanding of key auditing concepts like internal control evaluation, common size analysis, test of controls, flowcharts and work in process inventory.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    37 views11 pages

    Quiz No. 5 - ACC311 Fundamentals of Auditing - Fall 2012

    Uploaded by

    Samina Haider
    This document appears to be a series of quiz questions about the topic of auditing. It includes 10 multiple choice questions covering various aspects of auditing like internal controls, audit procedures, evidence evaluation. The questions assess understanding of key auditing concepts like internal control evaluation, common size analysis, test of controls, flowcharts and work in process inventory.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 11

    1

    Acc311 Quiz No. 5 Solved www.vustudy.com

    Quiz No. 5 – ACC311 Fundamentals of Auditing – Fall 2012

    The access should be _________ for controlling the assets and records in better way.
    Select correct option:

    Click here to Save Answer & Move to Next Question

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

    Correct

    Click here to Save Answer & Move to Next Question

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    2
    Acc311 Quiz No. 5 Solved www.vustudy.com
    For better results an ICQ should carry basic information as: I. Yes and No answer II. Comments with Yes and No answer are not
    applicable III. Consists of open ended questions only IV. All respondents should properly literate
    Select correct option:

    Click here to Save Answer & Move to Next Question

    The powers of an auditor include the following EXCEPT:


    Select correct option:

    Correct

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    Following are usual methods of recording workers attendance EXCEPT:


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    3
    Acc311 Quiz No. 5 Solved www.vustudy.com
    Select correct option:

    Correct

    Click here to Save Answer & Move to Next Question

    Common size analysis is an important tool which is used to analyze the financial statements. Which one of the followings best
    describes the said analysis method?
    Select correct option:

    Correct

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    Which one of the following audit techniques ordinarily provides an auditor with the least assurance about the operating

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    4
    Acc311 Quiz No. 5 Solved www.vustudy.com
    effectiveness of an internal control activity?
    Select correct option:

    Correct

    Click here to Save Answer & Move to Next Question

    Following statements are true about the legal requirements of books of accounts for the companies EXCEPT: (Companies
    Ordinance, 1984)
    Select correct option:

    Correct

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    5
    Acc311 Quiz No. 5 Solved www.vustudy.com
    Select correct option:

    Correct

    Click here to Save Answer & Move to Next Question

    When should the petty cash book entries be made for keeping effective control?
    Select correct option:

    Correct

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    Which one of the following is FALSE about Internal Control Evaluation Checklists (ICEC)?

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    6
    Acc311 Quiz No. 5 Solved www.vustudy.com
    Select correct option:

    Correct

    Which one of the following is NOT one of the five major components of internal control?
    Select correct option:

    Correct

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    Which one of the following tests may be applied to the goods returned notes?

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    7
    Acc311 Quiz No. 5 Solved www.vustudy.com
    Select correct option:

    Correct

    Click here to Save Answer & Move to Next Question

    Which one of the following documents is NOT included in purchase system while applying different control procedures on it?
    Select correct option:

    Correct

    Question Timeout: Now loading next question...


    Click here to Save Answer & Move to Next Question

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    8
    Acc311 Quiz No. 5 Solved www.vustudy.com

    Which one of the following is an example of designing control procedure for achieving control objectives?
    Select correct option:

    Correct

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    Sound internal control helped out the auditor to entertain some relaxation, such as:
    Select correct option:

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    9
    Acc311 Quiz No. 5 Solved www.vustudy.com

    Work in process inventory is directly comparable with;


    Select correct option:

    Correct

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    Test of controls comprise of testing all of the following three things EXCEPT:
    Select correct option:

    Correct

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    10
    Acc311 Quiz No. 5 Solved www.vustudy.com

    Click here to Save Answer & Move to Next Question

    An auditor's flow chart of an entity's information system is a diagrammatic representation. It depicts what kind of information?
    Select correct option:

    Correct

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    Test of control is a brief method to obtain the audit evidence. It comprises of three things such as:
    Select correct option:

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    11
    Acc311 Quiz No. 5 Solved www.vustudy.com

    Correct

    Click here to Save Answer & Move to Next Question

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