Commerce MCQ Question and Answer
Commerce MCQ Question and Answer
211. Internal Audit is done by—
- External Auditors
- Employees of the organisation
- Both (A) and (B)
- Neither (A) nor (B)
212. Audit Programme is prepared by—
- The Auditor
- The Company
- Internal Auditor
- Financial Controller
213. First Auditor of a Company is appointed by the—
- Shareholders
- Central Government
- Company Law Board
- Board of Directors
214. Which of the following is not qualified to be a Company Auditor ?
- A body corporate
- An employee of the company
- A person who is indebted to the company for an amount exceeding Rs. 1,000
- All of the above
215. Which of the following statement is correct ?
- Valuation is a part of verification
- Verification is a part of valuation
- Valuation has nothing to do with verification
- None of the above
216. Test checking refers to—
- Testing of accounting records
- Testing of honesty of employees
- Intensive checking of a select number of transactions
- Checking of all transactions recorded
217. Continuous audit is suitable for—
- Big institutions
- Small institutions
- General institutions
- None of the above
218. The function of an Auditor is—
- To examine arithmetical accuracy of accounts
- To detect and prevent errors
- To detect and prevent frauds
- All of the above
219. Audit is compulsory for—
- Sole Trader
- Partnership Firms
- Joint Stock Companies
- All of the above
220. Match List-I with List-II of the following and select the correct answer from answer codes given below—
List-I
(a) At cost price
(b) At market price
(c) Intrinsic value method
(d) Average profit method
List-II
1. Valuation of shares
2. Perishable goods
3. Raw material
4. Valuation of Goodwill
Codes :
List-I
(a) At cost price
(b) At market price
(c) Intrinsic value method
(d) Average profit method
List-II
1. Valuation of shares
2. Perishable goods
3. Raw material
4. Valuation of Goodwill
Codes :
- 3 2 1 4
- 1 2 3 4
- 4 3 2 1
- 1 4 3 2