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11.
In Balance Sheet, Audit Accounts are audited -
- A.Monthly
- C.Annually or half yearly
- B.Bi-monthly
- D.Quarterly
- Answer
- Report
Answer : [C]
12.
Verification includes -
- A.Valuation
- C.Ownership & Title
- B.Existence
- D.All of the above
- Answer
- Report
Answer : [D]
13.
Internal check means -
- A.Checking of accounts by cashier
- B.Checking of accounts by the Internal Auditor
- C.Checking the work of one person by another automatically
- D.Managerial control internally over the subordinates
- Answer
- Report
Answer : [C]
4.
Among the following which is not an error of commission ?
- A.Wrong totaling
- C.Wrong posting
- B.Recording with wrong amount
- D.Escape from posting
- Answer
- Report
Answer : [D]
5.
A manufacturer is operating at 50% of its capacity, due to competition. The following are the details. Raw materials Rs. 6 per unit, Direct Labour Rs. 4 per unit. variable overhead - Rs. 3 per unit, fixed overhead - Rs. 2 per unit, output 15,000 units, total cost Rs. 2,25,000, sales value Rs. 2,10,000, loss Rs. 15,000. A foreign customer wants to buy 6,000 units at Rs. 13.50 per unit and the company does not know whether to accept or not as it is suffering losses at the current level. Advise what he should do ?
- A.Accept the offer
- C.Remains indifferent
- B.Reject the offer
- D.None of the above
- Answer
- Report
Answer : [B]
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