Concealment of shortage by delaying the recording of cash receipts is known as_____________?

Related Mcqs:

1. Which of the following documents is not relevant for vouching cash sales?

   A. Daily cash sales summary
   B. Salesmen’s summary
   C. Monthly statements sent to customers
   D. Bank statement

2. Process of verifying the documentary evidences of transactions are known as___________?

   A. Auditing
   B. Testing
   C. Vouching
   D. Verification

3. Lapping is also known as___________?

   A. Teeming and lading
   B. Looping
   C. Embezzlement
   D. Hacking

4. International auditing standards are issued by the______________?

   A. International Accounting Standards Board
   B. International Federation of Accountants
   C. International Standards Board
   D. Auditing Practices Board

5. Which of the following describes sampling risk?

   A. The risk of the auditor carrying out a test the wrong way round
   B. The risk of reliance on unsuitable audit evidence
   C. The risk that the sample does not reflect the population
   D. The risk of the auditor reaching the wrong conclusions from testing

6. Errors of Omission are_____________?

   A. Technical errors
   B. Errors of principle
   C. Compensating errors
   D. None of the above

7. Which of the following statement best describes the understanding with respect to ownership and custody of working papers prepared by an auditor?

   A. The working papers may be obtained by third parties when they appear to be relevant to issues raised in litigation
   B. The safe custody of working papers is the responsibility of client, if kept at his premises
   C. The working papers must be retained by an audit firm for a period of 10 years
   D. Successor auditors may have access to working papers of the predecessor auditors. The approval of client is not required.

8. Audit in depth is synonymous for­_____________?

   A. Complete audit
   B. Completed audit
   C. Final audit
   D. Detailed audit

9. The auditor has a right to­___________?

   A. Obtain information and explanation
   B. Obtain information and explanation from the employees and officers
   C. Obtain information and explanation necessary for the purpose of audit
   D. Both B. and C.

10. What sort of assurance is provided in a review engagement?

    A. Positive assurance
    B. Negative assurance
    C. High level of assurance
    D. No assurance