Advanced accountancy

Audit Note Book contains:

• Various dates of reference.

• Details of work done.

• Notes regarding item requiring clarification, explanations, etc.

• All of the above.

An internal auditor is :

• Temporary Employee.

• Permanent Employee.

• Daily Wager.

• None of the above.

The main object of vouching is :

• To prepare trial balance.

• Conduct routine checking.

• Verify authenticity & authority of transactions.

• Checking of vouchers

The first auditor or auditors are appointed by :

• Central Government.

• Company Law Board.

• Board of Directors.

• Shareholders.

Voucher relates to :

• Cash receipt.

• Cash payment.

• Credit transactions.

• All the above.

Internal auditor is appointed by :

• The management.

• The shareholders.

• The government.

• The statutory body.

Auditing begins where -------- ends.

• Selling.

• Inventory valuation.

• Accounting.

• Purchases.

A good audit report must at least meet one of the following qualifications:

• It should offer constructive and timely suggestions to the management.

• It should not point out mistakes.

• It should not be based on factual information.

• It should not be based on balance sheet.

The work of one clerk is automatically check by another clerk is called :

• Internal control.

• Internal check.

• Internal audit.

• None of the above.

The owners of the company are called:

• Debenture holders.

• Debtors.

• Shareholders.

• None of the above.