- Current Asset
- Capital
- Liability
- Drawings
- a
-
Prepaid Expenses are those expenses which are paid in advance for example Rent, Mobile Load, Insurance and Etc.
- Liability
- Capital
- Asset
- None of these
- b
-
There are six types of capital :
Trading Capital
Fixed Capital
Circulating Capital
Working Capital
Loan Capital
Watered Capital
- 02
- 03
- 04
- 05
- c
-
Current Liability
Fixed Liability
Contingent Liability
Outstanding Liability
- Capital
- Liabilities
- Drawings
- None of these
- b
- Balance Sheet
- Trial Balance
- Ledger
- Final Statement
- b
-
Profit and Loss Account is also called Income Statement.
- Annually
- Monthly
- Quarterly
- None of these
- b
-
The purpose of reconciliation is to find out the mistakes or errors in the financial statement.
- The Audit Assistants
- The Client
- The Auditor and his Assistant
- The Auditor
- c
-
The auditor and his assistant prepared time table to examine the specific record. The coordination of whole team of auditor is necessary.
- Risk of over reliance
- Risk of incorrect rejection
- Risk of incorrect acceptance
- Both A and C
- d
- Substantive tests designed to evaluate the validity of management’s representation letter
- Substantive tests designed to assess control risk.
- Substantive tests designed to study relationships between financial and non financial
- None of these
- c
- Assets
- Liabilities
- Income and Expense Account where appropriate
- All of above
- d
-
Balance Sheet Audit is an evaluation of accuracy of information which is entered in the balance sheet of organization.