Auditor 2023 Past Paper with Answers

Practice the Auditor 2023 past paper with 147 solved MCQs, answers and topic coverage.

147 solved MCQs across 2 approved papers

Residual value is the ______?Answer: Value of the asset at the end of its useful life Which statement is correct: Agency conflict is minimized by?Answer: Both are correct Bank pass book is also known as ______?Answer: Bank statement What happens if you select the first and second slide and then click on the New Slide button on the toolbar?Answer: A new slide is inserted as third slide in presentation What does 5*2 in Word?Answer: 5 rows 2 columns Implicit cost is also known as ______?Answer: Notional cost Guarantee made by company bank to foreign bank for import is called ______?Answer: Letter of credit _______ is the aggregate of direct material cost, direct labor cost, and direct expenses.Answer: Prime cost Which of the following are actions you can assign to an action button or slide object?Answer: All of these A Joint Stock Company is managed by ______?Answer: Board of Directors What is the shortcut key for a manual line break in MS Word?Answer: Shift + Enter Assets are usually shown in Balance Sheet at ______?Answer: Unexpired cost The term depletion applies to decrease in value of ______?Answer: Wasting asset Which of the following pane is not available in the Task Pane of PowerPoint?Answer: Word Art The best way to insert a new slide in a presentation is to use the ______?Answer: Slide sorter view The capital budgeting in which we check in how many year initial investment is cover is called ______?Answer: Payback period Ratio of net profit before interest and tax to sales is ______?Answer: Operating profit ratio The maximum amount beyond which a company is not allowed to raise funds by issue of shares is _____?Answer: Nominal capital A nationwide electronic funds transfer network which enables participating banks/financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries is termed as _____?Answer: Clearing house Monopolistic competition differs from perfect competition primarily because _____?Answer: Monopolistic competition, firms can differentiate their products Which statement shows the flow of cash and cash equivalents during the financial period?Answer: Cash flow statement Income statement is also known as ______?Answer: Statement of income Balance Sheet shows _______ at a particular.Answer: The financial position at a particular date _______ is the phase of an audit where the auditor gathers samples to identify any material misstatements in the client’s accounting records or other data.Answer: Substantive testing The following factor would be relatively low if supply of labor is higher than demand?Answer: Wage Fixed assets turnover ratio is a ______?Answer: Turnover ratio Inventory Period + Accounts Receivable Period is called ______?Answer: Operating cycle Land revenue assigned to jagirdar used for _______?Answer: Agricultural income purposes Agency theory suggests that managers (the agents), particularly those of large, publically-owned firms, may have different objectives from those of the _____?Answer: Shareholders The primary objective of cost accounting is to ______?Answer: Ascertain the cost of goods and services