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Practice Auditing Questions and Answers

Internal auditor is removed and appointed by which among the following?
Which of the following statements is true for cash basis accounting?
Which of the following financial statements can be prepared using a receipt and payment account?
Suppose an NPO receives a donation of $10,000 from a donor. The entry to record this transaction would be as follows?
Which principle requires that the financial affairs of the business must be kept separate from the personal affairs of the owner(s)?
Which of the following financial statements shows a company's retained earnings over time?
Which auditing standard outlines the auditor's responsibilities relating to fraud in an audit of financial statements?
Process of verifying the documentary evidences of transactions are known as:
A sale of Rs. 25,000 to A was entered as a sale to B. This is an example of _
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
Which of the following statements is not true?
The scope of internal audit is decided by the :
Internal check is carried on by
________ the audit risks _________ the materiality and _______ the audit effort
……… is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsibili...
Which of the following deductions is/are available as deduction from income under both the old and new tax regime of Income Tax?

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