Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
AUDIT OF CASH TRANSACTION 1. Which of the following documents is not relevant for vouching cash sales? a) Daily cash sales summary b) Salesmen's summary c) Monthly statements sent to customers d) Bank statement 2. The auditor should examine subsequent realization of revenue such as dividends, interest, commission, etc to a) identify cases of unrecorded revenue b) ensure proper disclosure in the balance sheet c) recompute accrued income on the data of balance sheet d) Any of these 3. To test whether sales have been recorded, the auditor should draw a sample from a file of a) purchase orders b) sales orders c) sales invoices d) bill of loading 4. For vouching of which item, the auditor is most likely to examine cost records? a) Commission earned b) Bad debts recorded c) Credit sales d) Sale of scrap 5. The "Guidance Note on Revenue" issued by the ICAI does not deal with a) Sales revenue b) Revenue rendering service c) Revenue from sale of fixed assets d) Income from interest, dividend 6. An auditor conducts a surprise check on the pay day (i.e) the day wages and salaries are paid. The primary purpose of this audit procedures is a) to ensure that there are no ghost workers b) to ensure the casual workers employed are authorized by the supervisor c) to test procedures for distributing pay cheques d) to obtain understanding of internal control system 7. Which of the following would prevent double payment of the same voucher? a) The person signing the cheque should cancel the supporting documents b) Cheques should be signed by at best two persons c) The data of payment of vouchers of similar nature should be the same or close to each other d) All of the above 8. In case of unclaimed wages, the auditor should examine whether a) the amount has been deposited in a separate bank account b) deposited with the cashier c) held in a safe deposit box d) All of these 9. While vouching wages, auditor should examine whether there is proper segregation of duties. Which of the following activities should not be done by same department? a) Maintaining personnel records and approving changing in wages rates b) Proposing pay roll summary and disbursement of wages c) Making salary statements and filing tax returns d) Comparing time clock records with time reports prepared by supervisors and preparing list of workers employed along with the units of production for each one of them 10.In order to vouch, which of the expenses, the auditor will examine Bill of Entry? a) Custom b) Excise duties c) Sales tax d) Income tax 11.While vouching, how will the auditor ensure himself that all credit sales transactions have been recorded by the entity? a) Examining cutoff points b) Matching entries in the sales book against renumbered sales invoices and goods outward notes c) Counting the number of invoices and matching the number with entries on sales book d) Both (a) and (b) 12.In case of sales return, the auditor should examine which documents? a) Credit notes, advice notes and inward return notes b) Debit notes, advice notes and inward return notes c) Purchase invoices, advice notes and inward return notes d) Credit notes, inspection report and inward return notes 13.An internal auditor discovered that fictitious purchases have been recorded by the purchase clerk. This indicates absence of which control? a) Purchase invoices are independently matched with purchase orders and goods received notes b) Goods received notes requires the signature of individual who authorized the purchase c) Routine checks are performed by internal auditor fortnightly. d) Purchase function and production function are clubbed in one department 14.Which of the following is most crucial to a purchase department? a) Reducing the cost of acquisition b) Selecting supplies c) Authorizing the acquisition of goods d) Assuring the quality of goods 15.The auditor is most likely to examine related party transactions very carefully while vouching a) credit sales b) sales returns c) credit purchases d) cash purchases 16.In order to vouch bought ledger, the auditor obtain confirmations from creditors. The principal reason for the auditor to examine suppliers statements at balance sheet date is to obtain evidence that a) the supplier exist b) there are no unrecorded liabilities c) recorded purchases actually occurred d) to link creditors with cash book entries 17.The creditors accounts, generally, have credit balance. Debit balance may be due to a) advance paid against an order b) goods returned c) wrong debit to supplier account d) Any of these 18.In case of vouching, the auditor is least likely to examine authorization by appropriate authority in case of - a) bad bads written off b) sales return c) purchase return d) discount allowed to customers as per organizational policy 19.Vendors should be approved by Management before purchase department executes an order. If this is not done, then which of the following situations may arise a) purchases could be made from vendors whose product quality may not be good b) Purchases may be made from related parties without management's knowledge c) Purchases could be made from vendors who may have offered price to vicepresident purchases d) Any of these
risk managementdescribe the purpose rationale and method for the environmental risk process. discuss and explain the
Willie knows which real estate in this general location appreciates by about 5% a year. Assuming which this trend continues, illustrate what will be the future value of the $225,000 townhouses in 10 years.
Explain what are some of the barriers to communication between people of different cultures and what strategies can be used to overcome those barriers?
A U.S. government official has indicated which for a generous contribution to his re-elections fund; he would ignore your industry's apparent violation of several anti-pollution laws. Which of the following "ethics check questions" would you consi..
Complications to communication abound which causes delays in service delivery and when people can take time off from work and what are the possible problems and solutions when you meet this kind of things?
political elections and campaigns influence public values and ideas1- besides elections and campaigns do the major
questionibm ceo sam palmisano adores to talk about the evolution of global strategy at one of the worlds largest
clarification of organizational purpose, whose viewpoint should the organization reflect - the owners, stakeholders, employees, members of the general public or customers?
Critical Care Hospital will be buying a CATSCAN in the next 6-months. The CATSCAN machine will be installed in radiology section and will require a significant renovation for the area.
aligning it and operations in an organizationwhat needs to be done to successfully align business and it in your
nutritional needs at a selected stage of life.each learning team will select a stage in the lifecycle. these stages
value of trainingone day dave palm the director of training at lenscrafters got a call suggesting that top executives
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd