Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Related Mcqs:

A systematic way to maintain the books of accounts is called_________?

A. Accountancy B. Economics C. Book Keeping D. Auditing...

Sales return is also known as____________?

A. Return received B. Return Payed C. Return inward D. Return outward...

Goods sold on the basis of ‘sales or return ‘ should:

A. Be included in the stock B. Not be included in the stock C. Not be checked by auditor D. None of the above...

What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?

A. The auditor has ascertained that the balance is materially correct when in actual fact it is not B. The auditor concludes the balance is materially misstated when in actual fact is not C. The auditor has rejected an item from sample which was not supported by documentary evidence D. He applies random sampling on … What would most effectively describe the risk of incorrect acceptance in terms of substantive audit testing?Read More...

The auditor should examine subsequent realization of revenue such as dividends, interest,commission, etc to:­_____________?

A. identify cases of unrecorded revenue B. ensure proper disclosure in the balance sheet C. recompute accrued income on the data of balance sheet D. Any of these...