D:-Enguiry with management
Correct Answer:-Question Cancelled
Question88:-Audit documentation does not include
A:-Audit programme
B:-Issues Memoranda
C:-Engagement letter
D:-Letter of confirmation and representation
Correct Answer:- Option-C
Question89:-The principle for verification of intangible assets are
A:-Existence, Ownership, Valuation, Intermal control
B:-Records and registers, Ownership, Valuation, Intemnal control
C:-Rights, Existence, Ownership, Valuation
D:-Existence, Rights, Revaluation of asset, Intemnal control
Correct Answer:- Option-B
Question90:-In which of the following situation the auditor will qualify his report 7
A:-He is not satisfied with the accounts presented to him
B:-He finds some discrepancy in the treatment of an item
C:-Management is not ready to make the desired changes
D:-All the above
Correct Answer:- Option-D
Question91:-The best audit report is
A:-Modified report with qualified opinion
B:-Modified report with disclaimer of opinion
C:-Unmodified report with qualified opinion
D:-Unmodified report with unqualified opinion
Correct Answer:- Option-D
Question92:-Goodwill is
A:-Fictitious, but may not be intangible asset
B:-Intangible, but may not be fictitious asset
C:-Intangible and Fictitious asset
D:-None of the above
Correct Answer:- Option-B
Question93:-Which of the following is not a Deferred Revenue Expenditure 7
A:-Experimental expenditure
B:-Plant rearrangement and removing costs
C:-Development expenditure in the case of plantations
D:-None of the above
Correct Answer:- Option-D
Question94:-Which among the following is not a Contingent liability 7
A:-Claims against the company not acknowledged as debt
B:-Liability in respect of bills discounted by the company, but not yet matured
C:-Arrears of dividend on cumulative preference shares issued by the company
D:-None of the above
Correct Answer:- Option-D
Question95:-Wasting assets are those assets which are
A:-Having low realisable value and hence sold as scrap
B:-Having high rate of depreciation and maintenance cost
C:-Exhausted in the process of working
D:-Having huge investment, but low retum
Correct Answer:- Option-C
Question96:-Which of the following matter requiring qualification in audit report 7
A:-Contingent liability not disclosed
B:-Inadequate provision 1೧೯ doubtful debts
C:-Investment shown at cost price when its market price is far below
D:-All the above
Correct Answer:- Option-D
Question97:-Which of the following profit can be used for the payment of dividend 7
A:-Profit on sale of fixed assets
B:-Profit on revaluation of assets