Correct Answer:- Option-D
‘Question70:-Recording a transaction in two or more subsidiary books
i. Errors of commission
ii. Errors of omission
iil, Compensating errors
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B:-Only i
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D:-Only i
Correct Answer:- Option-B

‘Question71:-On the basis of degree of independence of the auditor-audit may be classified into
i. Internal audit and external audit
ii, Statutory and Govt. audit
li, Complete audit and partial audit
iv. Occasional audit and interim audit
A: Only fi
B:-Only i and ii
C-Only iii and iv
D:-Only i
Correct Answer:- Option-D
Question72:-Origin of management audit was in
i. Germany
ii. Japan
ii, USA,
iv. UK
A:Only i
B:-Only i and ii
c-Only iv
D:-Only i
Correct Answer:- Option-D
‘Question73:-Misappropriation may be classified into
i. Defalcation or embezzlement of cash
li, Teeming and lading
ii, Suppression or non-disclosure of cash receipts
A:Only i
B:-Only il and iil
Ce-All of the above
D:-Only i and i
Correct Answer:- Option-C

‘Question74:-What is the generally accepted basis of valuation of fixed assets ?
i. Net realizable value

li, Revaluation value
ii, Replacement cost
iv. Historical cost less depreciation
A: Only iv
B:-Only i and ii
C=Only i, ji and i
D:-Only i

Correct Answer

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[111 11111 control ?
i. Accounts departments,

il Sales departments
ili, Despatch department
AsOnly iand i
B:-Only | and i
only ii
D-Only i
Correct Answer: Option-D
Question76:-An audit engagement letter should preferably be sent
i, Before the commencement of the audit
il Immediately after the commencement of the business
ili, At any time before the completion of the audit
As Only fi
B:-Only |
only ii
Only il and i
Correct Answer: Option-8
Question77-The primary objective of,

isto collect and provide all the data needed by law and or by organizational policies to keep the business running properly and
efficiently.
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