M.Com. (Semester III) (CBCS) Examination Mar/Apr-2018
ADVANCED ACCOUNTANCY III
WateriI
Time: 2½ Hours
Max. Marks: 70
Instructions: All question are compulsory Figures to right indicate full marks
Q.1
Choose the correct alternative given in the bracket.
14
'Goods sent on approval basis' have been recorded as 'Credit Sales'. This is an example of
Error of principle
Error of commission
Error of omission
Error of duplication
The most difficult type of misstatement to detect fraud is based on
Related party purchases
Related party sales
The restatement of sales
Omission of a sales transaction from being recorded.
Balance sheet does not include
Verification of assets and liabilities
Vouching of income and expenses accounts related to assets and liabilities
Examination of adjusting and closing entries
Routine checks
Audit programme is prepared by
The auditor
The client
The audit assistance
The auditor and his audit assistance
Who is responsible for the appointment of statutory auditor of a limited company?
Directors of the company
Members of the company
The central government
All of the above
The term of the auditor ship of first auditor would be from the date of appointment till
The conclusion of statutory meeting
The conclusion of first annual general meeting
The conclusion of next annual general meeting
The date of removal
The section which contains provisions regarding remuneration of the auditor is
Section 224
Section 224
Section 224
Section 224
Page 2 of 2
SLR-CY-12
As per C AG Act, 1971 the tenure of the comptroller and Auditor General is years.
Four
Five
Six
Seven
The audit is done after the entity's Financial year.
Internal
Final
Balance audit
All the above
10) A sale of Rs. 50,000 to A was entered as a sale to B. This is an example of
Error of omission
Error of commission
Compensating error
Error of principle
11) The main object of an audit is
Expression of opinion
Detection and prevention of fraud and error
Both a and b
Depends on the type of audit
12) Which of the following Auditing Assurance Standard deals with Audit Planning?
AAS7
AAS8
AAS9
AAS3
13) Cost audit is conducted under section
239
224
233 b
None of the above
14) The audit which is a comprehensive critical review of all aspects of process of management known as
Tax audit
Final audit
Cost audit
Management audit
Q.2
Write answer in brief:
14
Interim Audit.
Removal of an Auditor
Q.3
Write short notes:
14
Objectives of internal check
Need and importance of Vouching
Q.4
Answer any one:
14
Define auditing and explain the objectives of auditing.
Explain the points that should be considered while time of vouching? Explain in details.
Q.5
Answer any one:
14
Appointment of company auditor.
Characteristics of good internal control.