NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 98 of 99)
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- Match List I with List II and select the correct answer:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 98 of 99) List-I List-II - Compensating
- Errors of omission
- Errors of principle
- Errors of commission
- Not recording a business transaction errors
- Charging a Revenue item to capital
- Writing a debit item on the credit side and a credit item on the debit side of equal amount
- Posting a correct amount to a wrong Account
- A
- B
- C
- D
- 3
- 1
- 4
- 2
- 2
- 1
- 4
- 3
- 3
- 1
- 2
- 4
- 2
- 1
- 3
- 4
- Audit report along with accounts is given by
- Statutory Auditor
- Internal Auditor
- Government Auditor
- Secretariat Auditor
- Consider the following statements: Management audit may
- cover performance audit.
- protect the interest of the share holders
- cover proprietor audit
- refer to audit of work done by the management accountant.
- Of these statements
- 1 and 2 arc correct
- 3 and 4 arc correct
- 1 and 3 are correct
- 2 and 4 are correct
- Management audit is ordered by the
- Workers of a company
- Government
- Board of Directors
- Securities Exchange Board of India
- When an auditor detects material weaknesses in 1he internal checks and control system of the company under audit, he should report his findings as per
- ICAI orders
- SEBI orders
- MAOC AR orders
- ICW AI orders
- Which of1he following statements are true?
- Dividend can be paid out of capital profits if only Articles of Association of the company permits.
- Goodwill taken over may be written off out of profit prior to Incorporation
- Dividend can be paid out of current profits in spite of un-provided depreciation for past years.
- Capital redemption reserve can be used for issuing fully paid bonus shares to the shareholders according to Company՚s Act.
- l and 2
- 1,2 and 3
- 2 and 4
- 3 and 4
- The remuneration of an auditor of a partnership firm is fixed by
- the Partnership Act
- The Companies Act
- the Government
- none of the above
- If the shareholders fail to appoint or reappoint auditors of limited company in au Annual General Meeting. The vacancy will be filled by the
- Securities Exchange Board of India
- Comptroller and Auditor General of India
- Central Government
- Registrar of companies
- Match list I List II and select the correct answer:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 98 of 99) List-I (Appointment of auditor) List-II (Appointing authority) - First auditor of a non-Govt.
- Reappointment of a retiring
- Auditor of a Government
- Auditor of a non-Govt.
- Shareholder of the company limited company
- Board of directors limited of the company auditor of non-Govt limited
- Central Government on the advice of Company Comptroller the and Auditor General of India
- Central Government limited company, when shareholders fail to reappoint or reappoint an auditor
- A
- B
- C
- D
- 1
- 2
- 4
- 3
- 2
- 1
- 3
- 4
- 1
- 2
- 3
- 4
- 2
- 1
- 4
- 3
- In so far as a company is concerned, which one of the following pairs is NOT correctly matched?
- Match Item 1: Internal audit
- Match Item 2: Obligatory
- Match Item 1: Statutory audit
- Match Item 2: Mandatory
- Match Item 1: Continuous audit
- Match Item 2: Optional
- Match Item 1: Management audit
- Match Item 2: Voluntary
- A file which contains rules governing the organisation Under audit is known as
- current file
- permanent file
- routine file
- precedence file
- Where the auditor places a high degree of reliance on an internal control procedure. The acceptable risk of over reliance would be
- low
- high
- moderate
- nil
- Under the Companies Act. Which one of the following powers can be exercised by the Board of Directors?
- Power to sell any of the company՚s undertakings
- Power to make call
- Power to borrow money in excess of the paid up capital
- Power to reappoint an auditor
- The statutory meeting of the company must be held within six months
- from filing of statement in lieu of prospectus
- of obtaining the certificate of commencement of business
- of obtaining the certificate of incorporation
- from the date when the first Board of Directors meeting was held
- A public limited company can offer pre-emptive rights only to the
- directors of the company
- existing equity shareholders
- debenture holders
- short-term creditors of the company