Auditor 2019 Past Paper with Answers

Practice the Auditor 2019 past paper with 56 solved MCQs, answers and topic coverage.

56 solved MCQs across 1 approved paper

Which part of computer is known as Heart of Computer?Answer: Microprocessor/CPU Cannon had ________ unique qualities _________ it was used widely in ancient times.Answer: Such, that Which is the smallest unit of memory/data in computer?Answer: Bit The main object of an audit is ______?Answer: Expression of opinion Procuring agency can reject all bids under section ______?Answer: 33 Bid security should not exceed to _____?Answer: 5% of bid price An Accounting Officer or Chief Executive may delegate the procurement function of procuring entity to _______?Answer: A sub-division of that entity How many procedures have been following for the best competitive bidding?Answer: 4 Ctrl + Y is used for ____?Answer: Redo An operating system is a/an _____?Answer: System software Which device is used for printing large images?Answer: Plotter All computers work on _____?Answer: Binary number system Which function key is used for refreshing Windows?Answer: F5 In which product of MS Office we can use formulas?Answer: MS Excel Which of the following is not an operating system?Answer: Python Flash Drive is _____?Answer: Both A and B The least important element in the evaluation of an audit firm's system of qualifying would relate to ______?Answer: System of determining audit fees The most difficult type of misstatement to detect fraud is based on ______?Answer: Omission of a sales transaction from being recorded. The title of AASÂ2 issued by Council of ICAI is ________?Answer: Objective and Scope of the Financial Statements The labor rate variance is determined by multiplying the difference between the actual labor rate and the standard labor rate by ______?Answer: The actual hours worked. An unfavourable overhead volume variance indicates that _____?Answer: Actual production was less than the normal level of output. A favorable overhead spending variance means that _____?Answer: Actual overhead costs were less than the budgeted overhead costs. has been under applied In which of the following situations should the named company not record any depreciation expense on the asset described?Answer: None of these T-shirt City uses a periodic inventory system. During the first year of operations, the company made four purchases of a particular product. Each purchase was for 500 units and the prices paid were $9 per unit in the first purchase, $10 per unit in the second purchase, $12 per unit in the third purchase, and $13 per unit in the fourth purchase. At the year-end, 650 of these units remained unsold. Compute the cost of goods sold under the FIFO method and LIFO method, respectively.Answer: $13,700 (FIFO) and $16,000 (LIFO) The primary purpose for using an inventory cost flow assumption is to _____?Answer: Offset against revenue an appropriate cost of goods sold. Puget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s income statement and statement of cash flows, respectively, this will appear as _____?Answer: A $12,000 gain and a $92,000 cash receipt. On October 1, 2011, Coast Financial loaned Barr Corporation $300,000, receiving in exchange a nine-month, 12 percent note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2012 will amount to _____?Answer: $9,000 Which of the following actions is least likely to increase a company's accounts receivable turnover?Answer: Borrowing money, pledging accounts receivable as collection. Under the direct write-off method of accounting for uncollectible accounts ______?Answer: Accounts receivable are reported in the balance sheet at net realizable value, just like the balance of the Accounts Receivable ledger. Which of the following best describes the application of generally accepted accounting principles to the valuation of accounts receivable?Answer: Realization principle — Accounts receivable are shown at their net realizable value in the balance sheet.