Top 150+ Solved Practical Auditing MCQ Questions Answer
Q. A fixed audit programme is also called a --------- programme
a. Tailor made
b. Man made
c. Auditor made
d. none
Q. Share holders minute book should be vouched for
a. Payment to vendors
b. Payment to promoters
c. Issue of bonus shares
d. none
Q. ---------------- is deducted from called up capital to get paid up capital
a. Subscribed capital
b. Issued capital
c. Calls in arrears
d. none
Q. Discount on issue of shares is shown under the --------------- lead
a. Current asset
b. Preliminary expanses
c. Miscellaneous expanses
d. none
Q. To forfeit shares --------------- days notice to the share holder’s given
a. 40
b. 14
c. 24
d. none
Q. -------------- of the companies Act 1956 prescribes the duty of preparing a report by an auditor
a. Sec-227(2)
b. Sec-273(1)
c. Sec-224(2)
d. none
Q. A --------------- report is one which contains the opinion of the auditor subject to certain conditions
a. Unqualified
b. Qualified
c. Clean
d. none
Q. --------------- is made out of reserves or share premium
a. Preference shares
b. Bonus shares
c. Debentures
d. none
Q. ---------------- shares cannot be issued if the company makes any default in the payment of itsobligation
a. Preference
b. Equity
c. Bonus
d. none
Q. Capitalization of reserves means -------------------------
a. Creation of provision
b. Declaration of dividend
c. Issue of bonus shares
d. none
Q. Provisions regarding bonus issue should be given in -------------------- document
a. Memorandum of association
b. Articles of association
c. Prospectus
d. none
Q. Balance remaining in the forfeited Account after reissue is transferred to --------------- account
a. General reserve
b. Capital reserve
c. Premium account
d. none
Q. If reissue of shares are more than face value of shares, the excess amount is transferred to ----------account.
a. General reserve
b. Capital reserve
c. Premium account
d. none
Q. Share call amount due is credited to ------------------ account
a. Share application account
b. Share allotment account
c. Share capital account
d. none
Q. When excess applications money is refunded to applicants it is vouched with cash book and -------
a. Letter of allotment
b. Letter of call
c. Letter of regreat
d. none