Top 150+ Solved Practical Auditing MCQ Questions Answer
Q. Which of the following percentage of nominal amount of shares should be received withapplication
a. 10
b. 15
c. 5
d. none
Q. Which of the following is referred to confirm the allotment of shares to the vendor
a. Cash book
b. Pass book
c. Director’s minute
d. none
Q. Share premium Account is shown on the _______________
a. Asset side of Balance sheet
b. Liability side of Balance sheet
c. Credit side of profit and loss Account
d. none
Q. Issue of shares at discount should be sanctioned by the ________________
a. Board of directors
b. Share holders
c. Company Law Board
d. none
Q. The maximum rate of discount on shares shall not exceed________________
a. 20%
b. 15%
c. 10%
d. none
Q. Discount on issue of shares not written of is shown separately in Balance sheet under thehead_____________
a. Miscellaneous expenditure
b. Preliminary expanses
c. Current assets
d. none
Q. Which among the following is not a function of the author
a. Checking errors and frauds
b. Vouching with original documents
c. Preparing final Accounts
d. none
Q. Audit conducted as per the provisions of law is _____________
a. Statutory Audit
b. Continuous Audit
c. Social Audit
d. none
Q. The scope of auditing does not cover.
a. Vouching
b. Checking arithmetical accuracy
c. Ledger posting
d. none
Q. The amount of application money received shall be deposited in a scheduled bankuntil________
a. Annual general meeting
b. General meeting
c. Certificate to commencement obtained
d. none
Q. Amount received as premium can be used to ___________
a. Purchase Assets
b. Pay of liabilities
c. Issue bonus shares
d. none