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B Com Exam  >  B Com Tests  >  Test: Types of Company Audit- 1 - B Com MCQ

Test: Types of Company Audit- 1 - B Com MCQ


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10 Questions MCQ Test - Test: Types of Company Audit- 1

Test: Types of Company Audit- 1 for B Com 2024 is part of B Com preparation. The Test: Types of Company Audit- 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Types of Company Audit- 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Types of Company Audit- 1 below.
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Test: Types of Company Audit- 1 - Question 1
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What is the classification of audit based on the organization's structure?

Detailed Solution for Test: Types of Company Audit- 1 - Question 1
The classification of audit based on the organization's structure includes three types: statutory audit, government audit, and private audit. These categories are determined by the legal framework and the nature of the organization being audited.
Test: Types of Company Audit- 1 - Question 2
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Which type of audit is conducted compulsorily under the provisions of a statute or law?

Detailed Solution for Test: Types of Company Audit- 1 - Question 2
Statutory audit is conducted compulsorily under the provisions of a statute or law. It is a mandatory audit required by specific regulations governing certain types of organizations.
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Test: Types of Company Audit- 1 - Question 3
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What is the primary objective of a government audit?

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The primary objective of a government audit is to ensure compliance with rules and regulations, making sure that payments are sanctioned and made according to the proper authorities and procedures.
Test: Types of Company Audit- 1 - Question 4
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Which type of audit is conducted by an independent constitutional authority known as the C&AG?
Detailed Solution for Test: Types of Company Audit- 1 - Question 4
Government audit is conducted by an independent constitutional authority, the Comptroller and Auditor General (C&AG), in accordance with the provisions of the Indian Constitution.
Test: Types of Company Audit- 1 - Question 5
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What is the term for an audit assignment in which two or more auditors are appointed to work together?
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A joint audit refers to an audit assignment in which two or more auditors work together to conduct the audit of a public enterprise or a large company. This approach is often used to ensure thorough and accurate auditing.
Test: Types of Company Audit- 1 - Question 6
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In a joint audit, what is the basis on which auditors divide the audit work among themselves?
Detailed Solution for Test: Types of Company Audit- 1 - Question 6
In a joint audit, auditors divide the audit work among themselves based on identifiable units or specified areas. This division ensures a comprehensive coverage of the audit assignment.
Test: Types of Company Audit- 1 - Question 7
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What is the term used to describe the audit of accounts of private enterprises such as sole trading concerns and partnership firms?
Detailed Solution for Test: Types of Company Audit- 1 - Question 7
The audit of accounts of private enterprises like sole trading concerns and partnership firms is known as private audit. This type of audit is not compulsory by law and is undertaken voluntarily by the owners.
Test: Types of Company Audit- 1 - Question 8
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What is the highest authority responsible for government audit in India?
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The highest authority responsible for government audit in India is the Comptroller and Auditor General (C&AG). This constitutional authority oversees the audit of government departments and offices.
Test: Types of Company Audit- 1 - Question 9
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What is the term for audit of accounts of government companies and statutory corporations?
Detailed Solution for Test: Types of Company Audit- 1 - Question 9
The audit of accounts of government companies and statutory corporations falls under the category of public audit. This involves the examination of financial activities of entities owned or controlled by the government.
Test: Types of Company Audit- 1 - Question 10
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What is the main purpose of government audit conducted by the Comptroller and Auditor General (C&AG)?
Detailed Solution for Test: Types of Company Audit- 1 - Question 10
The main purpose of government audit conducted by the Comptroller and Auditor General (C&AG) is to ensure the proper and accountable use of public funds and resources. It involves examining government departments, agencies, and enterprises to ensure transparency and efficiency in financial management.
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