All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Auditing and Secretarial Practice  >  Test: Audit Process - B Com MCQ

Test: Audit Process - B Com MCQ


Test Description

10 Questions MCQ Test Auditing and Secretarial Practice - Test: Audit Process

Test: Audit Process for B Com 2024 is part of Auditing and Secretarial Practice preparation. The Test: Audit Process questions and answers have been prepared according to the B Com exam syllabus.The Test: Audit Process MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Audit Process below.
Solutions of Test: Audit Process questions in English are available as part of our Auditing and Secretarial Practice for B Com & Test: Audit Process solutions in Hindi for Auditing and Secretarial Practice course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Audit Process | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Auditing and Secretarial Practice for B Com Exam | Download free PDF with solutions
Test: Audit Process - Question 1
Save

Which type of audit is conducted between two annual audits, often for the purpose of declaring interim dividend or ascertaining interim profit?

Detailed Solution for Test: Audit Process - Question 1
An Interim Audit is conducted between two annual audits, typically during the middle of the financial year. It serves specific purposes like declaring interim dividends or ascertaining interim profits. It helps speed up the final audit process and is particularly useful for organizations that need to provide interim financial figures.
Test: Audit Process - Question 2
Save

What is the main purpose of an internal audit?

Detailed Solution for Test: Audit Process - Question 2
Internal audit is primarily conducted to evaluate the efficiency and effectiveness of internal controls within an organization. It aims to assess whether internal check systems, policies, procedures, and accounting practices are adequate and effective in preventing errors and frauds. This type of audit helps identify areas where improvements are needed and provides recommendations to the management for enhancing internal control mechanisms.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Audit Process - Question 3
Save

What is the main objective of a Performance Audit?

Detailed Solution for Test: Audit Process - Question 3
Performance Audit focuses on evaluating whether government programs have achieved their desired objectives at the lowest possible cost and delivered the intended benefits. It goes beyond financial matters to assess the effectiveness and efficiency of government initiatives.
Test: Audit Process - Question 4
Save
Which committee is responsible for examining the accounts of public undertakings and evaluating their efficiency?
Detailed Solution for Test: Audit Process - Question 4
The Committee on Public Undertakings (COPU) is responsible for examining the efficiency of public undertakings and ensuring that they are managed in accordance with sound business principles and prudent commercial practices.
Test: Audit Process - Question 5
Save
What is the purpose of a Proprietary Audit?
Detailed Solution for Test: Audit Process - Question 5
Proprietary Audit involves examining various actions and decisions to determine whether they are in the public interest and meet the standard of conduct. It assesses the wisdom and economy of management decisions and actions, considering their impact on the organization and stakeholders.
Test: Audit Process - Question 6
Save
What is the primary purpose of a Management Audit?
Detailed Solution for Test: Audit Process - Question 6
The primary purpose of a Management Audit is to critically evaluate plans, policies, procedures, objectives, means, and operational areas of an organization. It helps identify deficiencies, provide suggestions for improvement, and assist different levels of management in their duties.
Test: Audit Process - Question 7
Save
Which audit focuses on evaluating the social performance and contribution of a business organization?
Detailed Solution for Test: Audit Process - Question 7
Social Audit evaluates the social performance and contribution of a business organization, assessing its impact on society beyond just its economic performance.
Test: Audit Process - Question 8
Save
What is the primary purpose of Regularity Audit (Compliance)?
Detailed Solution for Test: Audit Process - Question 8
Regularity Audit (Compliance) ensures that expenditures are in accordance with laws, rules, and regulations. It examines whether the money spent was authorized and whether the expenditure followed the proper procedures.
Test: Audit Process - Question 9
Save
Which committee examines the reports and accounts of public undertakings and their efficiency?
Detailed Solution for Test: Audit Process - Question 9
The Committee on Public Undertakings (COPU) examines the reports, accounts, and efficiency of public undertakings to ensure they are managed according to sound business principles and prudent commercial practices.
Test: Audit Process - Question 10
Save
In which type of audit is the focus mainly on verifying items in the balance sheet, such as capital, reserves, and liabilities?
Detailed Solution for Test: Audit Process - Question 10
Balance Sheet Audit concentrates on verifying items in the balance sheet, such as capital, reserves, liabilities, and assets. It ensures accuracy and reliability in the presentation of financial position.
55 videos|53 docs|24 tests
Join Course
Information about Test: Audit Process Page
In this test you can find the Exam questions for Test: Audit Process solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Audit Process, EduRev gives you an ample number of Online tests for practice
Download as PDF

Important Questions for Audit Process

Find all the important questions for Audit Process at EduRev.Get fully prepared for Audit Process with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Audit Process syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Audit Process resources.

Audit Process MCQs with Answers

Prepare for the Audit Process within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Audit Process Auditing and Secretarial Practice

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Audit Process with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup