Professional Documents
Culture Documents
2
2
1. Accounting
2. Inventory valuation
3. Selling
4. Purchase and expenditure
Answer: 1. Accounting
Q12. When the work of one clerk is automatically checked by another, it is known as ___________.
1. Internal audit
2. Internal check
3. Internal control
4. None of the above
1. Debtors
2. Shareholders
3. Debenture holders
4. None of the above
Answer: 2. Shareholders
Q15. The system of internal control and internal check are _______________.
1. Bloodhound
2. Watchman
3. Watchdog
4. Foolish dog
Answer: 3. Watchdog
1. Trading company
2. Manufacturing company
3. Processing company
4. Inefficient company
1. The management
2. The Board of Directors
3. Election at the annual general meeting
4. None of the above
1. The management
2. Passing a resolution in the general meeting
3. Passing a resolution by the Board of Directors
4. None of the above
Q22. Which of the following best describes the term “Auditing in-depth”?
Q24. The term “Auditing in-depth” is synonymous with which of the following terms?
1. Completed audit
2. Final audit
3. Complete audit
4. Detailed audit
1. Verification of assets
2. Verification of liabilities
3. Verification of income and expense accounts wherever appropriate
4. All of the above
Q26. In relation to continuous audit, which of the following statements are incorrect?