ACC311 FINAL TERM IMP MCQ’S PREPARATION

February 16, 2023 by Dilawar

VU FINAL TERM EXAMS 2023/24

vu,vu past papers,vu past papers download,virtual university past papers,vu past papers exposed,virtual university past papers exposed,waqar siddhu exposed,moaaz exposed,past papers of waqar siddhu exposed,past papers of moaaz exposed,do not prepare past papers of moaaz and waqar siddhu,leaked past papers of waqar,leaked past papers of moaaz,vu final term past papers of moaaz,vu final term past

final term,knowledge plannet,virtual university,virtual university of pakistan,vu,vu past papers,vu past papers by moaaz,vu past papers final term,vu past papers by waqar siddhu,virtual university final term papers all subject,final term papers,cs101 past papers final term solved by moaaz,mgt101 past papers,cs201 past papers,cs201 past papers by moaaz,cs201 past papers final term solved by waqar,solved papers vu,bed final term,bed final terms

Quiz here

57

Created on January 17, 2023 By

Dilawar

ACC311 FINAL TERM LIVE QUIZ 2023

1 / 20

Who should prepare the annual capital expenditure budgets of the company in order to keep effective?

Someone directly responsible to the shareholders

Someone directly responsible for goods delivery to the customers

Someone directly responsible to the board of directors

Someone directly responsible to deal with the suppliers

2 / 20

Which one of the following matters should be included in the letter of representation?

Existence of any immaterial mistake in the statements

Existence of any fraud or error in the statements

Companyâ€™s growth trend in the future in figures

Market value of the companyâ€™s stock

3 / 20

Non current assets manufactured or constructed by the company itself should reflect which types of costs in the costing records?

Also Read: cs 201

Direct costs plus relevant overhead but not include any profit

Direct costs plus relevant overhead and any profit earned on it

Indirect costs plus relevant overhead but not include any profit

Indirect costs plus relevant overhead and any profit earned on it

4 / 20

An Automobile Company hires auditors at the year end. Auditors are at the stage of verification and vouching of companyâ€™s financials. Before examining the equity section they develop general aspects concerning the ownerâ€™s equity. In your opinion which one of the following aspects may NOT be considered by the auditors during this assessment?

Share capital is properly classified and described in the accounts

Capital stock is enough to execute the companyâ€™s financial needs

Reserves are properly classified and presented

Movements in reserves are properly authorized

5 / 20

Which one of the following aspects of assets must be verified?

Cost and authorization

Value and existence

Beneficial investment

Presentation in the accounts

6 / 20

Which one of the following may not be any matter relevant to verification of assets?

Taxation

Vouching

Insurance

The letter of representation

7 / 20

Which one of the following may NOT consist of any verification methods?

Closing balance

Acquisitions

Disposals

Reconciliation

8 / 20

What auditors seek in the register of non current assets for each major group of assets?

Also Read: Cs301

Details of each item its cost and residual value

Details of each item its cost and accumulated depreciation

Details of each item its cost and depreciation

Details of each item its cost and capital investment expected returns

9 / 20

How often Inventory levels should be checked against the inventory records in order to keep its control effectively?

Rarely

Periodically

Never

Daily

10 / 20

How often the Bank reconciliations should be prepared?

Weekly

Monthly

Quarterly

Annually

11 / 20

Following desc riptions are the examples of substantive testing EXCEPT:

Test of account balances to verify the correctness of the amounts

Verification that an operating system and/or applications are configured appropriately to the companies needs

Review of minutes of directors; meetings and inquiry

Use of statistical sampling to determine the accuracy of financial statement figures

12 / 20

The auditors are required to perform tests of controls when

The internal controls are operating inefficiently

Substantive procedures alone provide sufficient appropriate audit evidence at the assertion level.

Substantive procedures alone do not provide sufficient appropriate audit evidence at the assertion level.

Analytical procedures alone do not provide sufficient appropriate audit evidence at the assertion level.

13 / 20

Analytical procedures are carried out for which one of the following purposes?

To reduce detection risk

To assess inherent risk

To reduce control risk

To determine detection risk

14 / 20

Test of controls comprise of testing of all EXCEPT

Also Read: VU ACADEMIC CALENDAR (SPRING 2023)

Design

Implementation

Operating efficiency

Operating effectiveness

15 / 20

Stratification is a process of dividing a population into sub- populations which have

Heterogeneous characteristics

Nothing in common

Lot of sampling units

Homogeneous characteristics

16 / 20

The auditor should select sample in such a way that:

All important items should be selected

All items containing misstatement should be selected

All items in the population are selected

All items in population have an opportunity of being selected

17 / 20

Where the auditor relies more on the system of internal control the circumstance warrant:

He spends more time on audit

Effectiveness of the audit is affected

Efficiency of the audit is affected

Reliability of the results of the tests is affected

18 / 20

Sample risk and sample size have

A direct relationship

An inverse relationship

No relation

None of the given options

19 / 20

Tolerable error and sample size have

A direct relationship

An inverse relationship

No relation

No relation

20 / 20

Which of the following is needed to be verified at the time of verification of Account Balances?

Look over any significant reconciling items of an unusual nature

Inspect about outstanding stale cheques

Acquire direct bank confirmation

All of the given options

Your score is

The average score is 51%

0%

Related

Leave a Comment Cancel reply