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ACC311 Fundamentals of An Auditing Quiz 1 Spring 2020 | 22-May-2020 (solved)


ACC311 Quiz 01, Question # 1:

IAPS stands for:

  • International Auditing Practice Systems
  • International Accounting Performance Statements
  • International Auditing Practice Statements
  • International Accounting Performance Standards


ACC311 Quiz 01, Question # 2:

In Pakistan, the profession of auditing is allied with which one of the following institutions?

  • Securities and Exchange Commision of Pakistan
  • Institute of Chartered Accountant of Pakistan
  • Finance Ministry of Pakistan
  • Chartered Accountants


ACC311 Quiz 01, Question # 3:

Which one of the following is the most favorable type of audit report opinion for the client to receive?

  • Qualified
  • Unqualified
  • Disclaimer
  • Full assurance


ACC311 Quiz 01, Question # 4:

During audit of the financial statements, the auditors are concerned with the verfication and detemination of which one of the following items?

  • Statements, accuracy, and feasibility
  • Date, accuracy, and reliability
  • Policies, value, and reliability
  • Cycle, policies, and reliability


ACC311 Quiz 01, Question # 5:

Which one of the following professional ethics tells that the auditors should neither disclose the information obtained during the course of their audit without permission of his client nor uses that information himself?

  • Objectivity
  • Integrity
  • Confidentiality
  • Independence


ACC311 Quiz 01, Question # 6:

Which of the following statements is NOT true about Audit?

  • Audit is an independent examination of financial statements
  • The end result of and audit is an opinion to assist the user of the financial statements
  • Concept of and audit can be applied to limited companies only
  • Concept of an audit can be applied to all type of entities


ACC311 Quiz 01, Question # 7:

The basic purposes of financial statements audit is to enable the auditor to:

  • Disclosed the errors and omission
  • Investigate a fraud
  • Express an opinion on the financial statements
  • Express an opinion on the effciency of management


ACC311 Quiz 01, Question # 8:

Which of the following is true about Audit process?

  • It is an examination done by an independent auditor
  • It is an examination done by the Accountant of the company
  • It is an examination done by the governmental bodies only
  • It is an examination done by the banking authorities


ACC311 Quiz 01, Question # 9:

Which statement can not be highlighted as a merit of audit process?

  • It settled the disputes between management
  • It helps the auditor to give more constructive advice to management
  • It helps to restrict sole proprietors to be a member by charging some fee
  • It gives strenght to the company for acquiring the finance


ACC311 Quiz 01, Question # 10:

The powers of an auditor include the following EXCEPT:

  • Right of access to books of account and vouchers
  • Right to receive information and explanations
  • Right to make report on declaration of solvency in case of voluntary winding up
  • Right of access to books and papers of branch


ACC311 Quiz 01, Question # 11:

IFRS stands for which one of the following?

  • International Financial Reporting Standards
  • International Financial Recording Systems
  • International Financial Recording Statements
  • International Financial Reporting Systems


ACC311 Quiz 01, Question # 12:

At the end of the audit process, the Auditor produces a report addressing to:

  • Internal auditors
  • Stakeholders
  • Institute of Chartered Accountants of Pakistan
  • Stock Exchange

ACC311 Quiz 01, Question # 13:

True and fair pressentation of financial statements means that: th financial statements are prepared and presented in accordance with the requirements of which one of the following?

  • International Financial Reporting Standards
  • Local pronouncements/legislations
  • Financial Accounting Standards Board
  • All of the given options


ACC311 Quiz 01, Question # 14:

Which liability shall be imposed, if auditors fail to certify the receipts and payments accounts in the statutory?

  • Criminal liability
  • Civil liability
  • Accounting liability
  • Personal liability


ACC311 Quiz 01, Question # 15:

Following are the types of financial statements EXCEPT:

  • Profit and loss account
  • Balance sheet
  • Statement of compliance
  • Statement of owner's equity



Disclaimer: All the answers are provided by students, if found any mistake or you know any answer of any question kindly report.


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