CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Audit CPA exam Practice Questions 2023 - Part 5
1. All inventory units held by the audit entity and that should have been recorded, has been recognized in the financial statements. The assertion involved is:
A) Existence
B) Completeness
C) Rights and obligations
D) Valuation
2. To test whether sales have been recorded, the auditor should draw a sample from a file of
A) Purchase orders
B) Sales orders
C) Sales invoices
D) Bill of loading
3. For vouching of which item, the auditor is most likely to examine cost records
A) Commission earned
B) Bad debt recovered
C) Credit sales
D) Sale of scrap
4. While verifying intangible assets, an auditor would recompute amortization charges and determine whether amortization period is reasonable. The auditor tries to establish __________________ by doing it
A) Valuation
B) Existence
C) Disclosure
D) Possession
5. Which of the following is not an example of revenue expenditure
A) Salaries and wages of employees engaged directly or in-directly in production
B) Repairs, maintenance and renewals of fixed assets
C) Legal and professional expenses
D) Development expenditure on land
A) Existence
B) Completeness
C) Rights and obligations
D) Valuation
2. To test whether sales have been recorded, the auditor should draw a sample from a file of
A) Purchase orders
B) Sales orders
C) Sales invoices
D) Bill of loading
3. For vouching of which item, the auditor is most likely to examine cost records
A) Commission earned
B) Bad debt recovered
C) Credit sales
D) Sale of scrap
4. While verifying intangible assets, an auditor would recompute amortization charges and determine whether amortization period is reasonable. The auditor tries to establish __________________ by doing it
A) Valuation
B) Existence
C) Disclosure
D) Possession
5. Which of the following is not an example of revenue expenditure
A) Salaries and wages of employees engaged directly or in-directly in production
B) Repairs, maintenance and renewals of fixed assets
C) Legal and professional expenses
D) Development expenditure on land
1. Right Answer: B
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: A
Explanation:
5. Right Answer: D
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: A
Explanation:
5. Right Answer: D
Explanation:
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