Get latest quiz of ACC 311 and please solved it as soon as possible for Mid-Term Exams . . .
Quiz No. # 01: During audit of the financial statements, the auditors are concerned with the verification and determination of which one of the following items?
> Statements, accuracy, and feasibility
> Date, accuracy, and reliability
> Policies, value, and reliability
> Cycle, policies, and reliability
Quiz No. # 02: Which one of the following authorities shall fix the remuneration of the auditors, if auditors are appointed by the SECP? (Companies Ordinance, 1984)
> Directors
> Shareholders
> Company registrar
> SECP
Quiz No. # 03: The phrase (Scope of an Audit) refers to which one of the followings?
> Engagement letters
> Audit procedures
> Audit evidence
> Reasonable assurance
Quiz No. # 04: Following statements are true about the legal requirements of books accounts for the companies EXCEPT: (Companies Ordinance, 1984)
> Books of accounts should be preserved for 10 years
> Books of accounts are to be kept at the registered office of the company
> Directors can review the books of account during the business hours
> If a company fails to maintain books of accounts according, it may leads to demolish the entity
Quiz No. # 05: The factors that affect reasonable assurance include all of the following EXCEPT:
> Use of testing (Sampling)
> Interest limitations of accounting and internal control
> Remuneration of the auditor
> Persuasive nature of audit evidence
Quiz No. # 06: A well designed Internal Control Questionnaire (ICQ) should incorporate the following EXCEPT:
> Be a sufficient source of data for the evaluation of internal controls
> Identity the internal control system's strengths and weaknesses
> Be organized by individual functional organizations
> Should include simple yes or no responses but no narrative responses
Quiz No. # 07: Which one of the following is FALSE about Internal Control Evaluation Checklists (ICEC)?
> ICEC is developed to overcome the shortcomings of Internal Control Questionnaire
> The rules of constructing ICEC is different than construction of Internal Control Questionnaire
> It is designed to determine, whether desirable internal controls are present
> It is normally employed where system's information has already been recorded
Quiz No. # 08: An auditor's flow chart of an entity's information system is a diagrammatic representation. It depicts what kind of information?
> Program for tests of control
> Understanding of the system
> Understanding of the types of irregularity that are probable given by the present system
> Documentation of the study and evaluation of the system
Quiz No. # 09: Which one of the following is NOT a factor included in the control environment of an entity?
> Integrity and ethical values
> Risk assessment
> Commitment to competence
> Organization structure
Quiz No. # 10: The audit which is a review of any part of an entity's operating procedures and methods is known as:
> Financial statement audits
> Operational audits
> Technical Audits
> Compliance audits
Quiz No. # 11: While considering internal control system of an entity, the auditor is basically concerned that the system provides reasonable assurance about which one of the following?
> That the management can not override the system
> Operational efficiency has been achieved according to management plans
> Errors have been prevented or detected
> Controls have not been circumvented by collusion
Quiz No. # 12: Which one of the following is the source document for staff salaries?
> Approved payrolls
> Vouchers
> Accounting statements
> Cash memos
Quiz No. # 13: Analytical procedures used in planning an audit should focus on identifying which one of the followings?
> Areas that may represent specific risks relevant to the audit
> Material weaknesses in the internal control structure
> The predictability of financial data form individual transactions
> The various assertions that are embodied in the financial report
Quiz No. # 14: Which one of the following meetings is considered as a 'meeting of directors or management?
> General meeting
> Extra ordinary general meeting
> Board meeting
> Management meeting
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