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B Com Exam  >  B Com Tests  >  Test: Audit Process - B Com MCQ

Test: Audit Process - B Com MCQ


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10 Questions MCQ Test - Test: Audit Process

Test: Audit Process for B Com 2024 is part of B Com 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 course for B Com & Test: Audit Process solutions in Hindi for B Com 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 for B Com Exam | Download free PDF with solutions
Test: Audit Process - Question 1
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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
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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.
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Test: Audit Process - Question 3
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What is the main objective of a Performance Audit?

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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
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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
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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
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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
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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
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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
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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
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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.
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Important Questions for Audit Process

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Audit Process MCQs with Answers

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