Commerce MCQ Questions and Answers

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Q211
Internal Audit is done by-
  • A External Auditors
  • B Employees of the organisation
  • C Both (A) and (B)
  • D Neither (A) nor (B)
Answer: Option B
Q212
Audit Programme is prepared by-
  • A The Auditor
  • B The Company
  • C Internal Auditor
  • D Financial Controller
Answer: Option A
Q213
 First Auditor of a Company is appointed by the-
  • A Shareholders
  • B Central Government
  • C Company Law Board
  • D Board of Directors
Answer: Option A
Q214
Which of the following is not qualified to be a Company Auditor ?
  • A A body corporate
  • B An employee of the company
  • C A person who is indebted to the company for an amount exceeding Rs. 1,000
  • D All of the above
Answer: Option D
Q215
Which of the following statement is correct ?
  • A Valuation is a part of verification
  • B Verification is a part of valuation
  • C Valuation has nothing to do with verification
  • D None of the above
Answer: Option A
Q216
Test checking refers to-
  • A Testing of accounting records
  • B Testing of honesty of employees
  • C Intensive checking of a select number of transactions
  • D Checking of all transactions recorded
Answer: Option C
Q217
Continuous audit is suitable for-
  • A Big institutions
  • B Small institutions
  • C General institutions
  • D None of the above
Answer: Option A
Q218
The function of an Auditor is-
  • A To examine arithmetical accuracy of accounts
  • B To detect and prevent errors
  • C To detect and prevent frauds
  • D All of the above
Answer: Option D
Q219
Audit is compulsory for-
  • A Sole Trader
  • B Partnership Firms
  • C Joint Stock Companies
  • D All of the above
Answer: Option C
Q220
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 :
  • A 3 2 1 4
  • B 1 2 3 4
  • C 4 3 2 1
  • D 1 4 3 2
Answer: Option A

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