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Auditing - Questions and Answers for Competitive Exams | GkSeries

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Questions
1. __________ is a systematic examination of the books and records or a business
  • [A] Auditing
  • [B] Vouching
  • [C] Verification
  • [D] Checking

Answer: Option [A]

2. Which of the following is not a kind of audit?
  • [A] Statutory and private audit.
  • [B] Government and continuous audit.
  • [C] Continuous, final, Interim, Cash, Cost and Management audit.
  • [D] None of these.

Answer: Option [D]

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3. Instruction of audit issued by controller and auditor general of India ________.
  • [A] statutory audit.
  • [B] final audit.
  • [C] management audit.
  • [D] government audit.

Answer: Option [D]

4. This kind of audit is conducted generally between two annual audit ______.
  • [A] internal audit.
  • [B] interim audit.
  • [C] final audit.
  • [D] continuous audit.

Answer: Option [B]

5. Before the work of audit is commenced, the auditor plans out the whole of audit work is called _________.
  • [A] Audit plan.
  • [B] Audit note.
  • [C] Audit risk.
  • [D] Audit programme.

Answer: Option [D]

6. Voucher relates to _________.
  • [A] cash receipt.
  • [B] cash payment.
  • [C] credit transactions.
  • [D] all the above.

Answer: Option [D]

7. Internal auditor is appointed by ________.
  • [A] the management.
  • [B] the shareholders
  • [C] the government.
  • [D] he statutory body.

Answer: Option [A]

8. Auditing begins where ______ ends.
  • [A] Selling
  • [B] inventory valuation
  • [C] Accounting
  • [D] Purchases

Answer: Option [C]

9. For which of the following, Audit is optional?
  • [A] Trusts
  • [B] Joint stock companies.
  • [C] Proprietorship concern.
  • [D] None of the above

Answer: Option [C]

10. The audit that is made compulsory under statute is called _________.
  • [A] Statutory audit.
  • [B] Partial audit.
  • [C] Complete audit.
  • [D] Continuous audit.

Answer: Option [A]

11. Who among the following can be appointed as auditor of a company?
  • [A] A partner or a director of the company.
  • [B] A person of unsound mind.
  • [C] Mr. Y who owes Rs. 500 to the company.
  • [D] Mr. Z the holder of C.A certificate.

Answer: Option [D]

12. Confirmation of the court is necessary for __________.
  • [A] increasing the share capital.
  • [B] reduction of share capital.
  • [C] conversion of shares into stock.
  • [D] issue of new shares.

Answer: Option [B]

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