- Internal Audit System
- Continuous Audit
- Internal Check System
- None of these
- b
-
Concurrent Audit is a systematic and timely verification of financial transaction on daily basis to mitigate the errors.
Senior Auditor (SA)
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The risk of management fraud increases in the presence of:
- Substantial increase in sale
- Management incentive based on sale done in a quarter
- Improved Internal Control System
- Frequent Changes in Supply
- b
The main object of an audit is:
- Detection and Prevention of Errors & Frauds
- Expression of Opinion
- Both A & B
- Depends on the type of the Audit
- d
In Pakistan, Financial Statement of limited companies are prepared in according with?
- Internal Accounting Standards adopted in Pakistan.
- Companies Ordinance 1984
- Both A & B
- None of these
- c
Which of the following statement is true?
- Liabilities + Asset = Capital
- Capital + Liabilities = Asset
- Asset + Capital = Liabilities
- None of these
- b
The cost of the asset after expiry of its useful life is called:
- Written down value
- Depreciation
- Residual Value
- Expired Value
- c
Calculate the gross profit if sale Rs.60000 , cost of sales Rs.50000, Opening Stock Rs.10000, Purchases Rs.40000, Wages Rs.20000 and office rent is Rs.10000.
- Rs.40000
- Rs.30000
- Rs.20000
- Rs.10000
- d
Trading Account, Profit Account, Loss Account and Balance Sheet is prepared form :
- Cash book and Bank Book
- Trial Balance
- Ledger Balance
- None of these
- b
A business asset of Rs.44312 and owner’s equity Rs.13210. What is amount of liability?
- 57522
- 31102
- 44312
- None of the Above
- b
Stock in trade is a:
- Intangible Asset
- Current Asset
- Fixed Asset
- None of these
- b