‘AcStatements 1 and 2 alone are correct
B:-Statement 1, 2, 3 and 4 are correct
C-Statements 2, 3 and 4 alone are correct
D:-Statements 2 and 4 alone are correct
Correct Answer:- Option ®
Question78:-The process of work routine in a company, wherein the work of one staff's automatically checked by another staff is specifically called as
‘Acintemal Control
Bs-Internal Audit
Ceinternal Check
De-nternal Reporting
Correct Answer:- Option-C
Question79::Which is true about the elements of intemal Control System ?
1. Accounting Controls such as Internal Check, Internal Audit, Budgetary Control, Standard Costing etc
2: Administrative Controls such as Quality Controls, Performance Appraisal, Time and Motion Studies ete.
3. Environment Controls such as Social Control, Market Control, Customer Control, Economy Control etc
‘AcStatements 1 and 3 alone are true
B:-Statements 1, 2 and 3 are true
C-Statement 1 alone is true
Statements 1 and 2 alone are true
Correct Answer:- Option-D
Question80::Which of the following is correct in respect of Statutory Auditor of a company ?
1. The first auditor is appointed by the Board of Directors within 30 days of the registration of company.
2! Subsequent auditors are appointed by the shareholders in their Annual General Meeting.
3. Statutory auditor reports to the Shareholders of the company.
4. Only the Board of Directors can remove the statutory auditor.
‘AcStatement 1, 2 alone are correct
B:-Statement 3 and 4 alone are correct
Statement 1,2 and 3 alone are correct
D-Statements 1, 2, 3.and 4 are correct
Correct Answer:- Option-C
೦0500೧82: 8/1 one is not an instance of a Qualified Audit Report ?
‘Acnformation in the financial statement exhibit a true and fair view
B:-Information in the financial statements do not represent a true and fair view
C=information sought by the auditor was not provided
D:-Incorrect valuation of assets
Correct Answer:- Option-é
‘Question82:-Which one is not related to Test Checking by the Auditor ?
‘Act means verification of certain number of transactions selected at random
B:-Random check is carried out to form an opinionjjudgement on the whole set of transactions
Coit involves sampling of transactions
Det involves checking the castings and postings of all common books including the Cash Book
Correct Answer:- Option-D
Question83::Which of the following is NOT a correct justification for earning profits by a business concem ?
‘Ac Profit is a measure of efficiency in business
B:-Reasonable proft is essential for the growth and development of the business
C:Eaming profits is a statutory requirement for the business
D:-Profits are necessary for providing social wellbeing and performing CSR
Correct Answer:- Option-C
Question84::Which of the following is true about the Social Responsibility of Business towards its
employees ?
1. Providing safe and secure working environment.
2! Providing fair remuneration and incentives.
3. Complying with the labour laws and regulations concerning the service matters of employees.
‘AcStatements 1 and 2 alone are true

B:-Statements 2 and 3 alone are true