- (A) Be included in the stock
- (B) Not be included in the stock
- (C) Not be checked by auditor
- (D) None of the above
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- (A) cost
- (B) Market price
- (C) Cost or market price whichever is lower
- (D) Cost less depreciation
- (A) Cost
- (B) Market price
- (C) Cost or Market price whichever is lower.
- (D) Cost less depreciation.
- (A) Examining the physical existence and valuation of assets.
- (B) Examining the journal and ledger
- (C) Examination of vouchers related to assets.
- (D) None of the abov
- (A) It helps to study relationship among balance sheet accounts
- (B) It helps to discover material misstatements in the financial statements
- (C) It helps to identify possible oversights
- (D) It helps to accumulate evidence supporting the validity of a specific account balance
- (A) Helps to determine the nature, timing and extent of other audit procedures
- (B) Directs attention to potential risk areas
- (C) Indicates important aspects of business
- (D) All of the above
- (A) To detect errors or fraud
- (B) To comply with GAAP appropriate evidence
- (C) To gather sufficient
- (D) To assess audit risk
- (A) Management’s integrity
- (B) Auditor’s experience and professional judgment
- (C) Auditor’s qualification
- (D) Control risk
- (A) Evidence for audit conclusions
- (B) Owned by the client
- (C) Owned by the auditor
- (D) Retained in auditor’s office until a change in auditors
- (A) The auditor
- (B) The client
- (C) The audit assistants
- (D) The auditor and his audit assistants
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