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Past paper of senior auditor 2015 (2) | senior auditor solved past papers


Past paper or senior auditor 2015 (2) | senior auditor solved past papers

51 Which of the following accounts would be increased with a debit? Rent payable Owner’s equity / capital Owner’s drawings (ANS) Fees earned
52 How do you get the current ratio? Divide long term liabilities by current assets Divide current liabilities by current assets (ANS) Divide current assets by current liabilities Divide capital assets by current liabilities
53 When we talk about accounting , what kind of job do we mean? Bookkeeping and auditing Bookkeeping only Bookkeeping and consulting All of bookkeeping, auditing, consulting & more (ANS)
54 Which part of the G.A.A.P is the assumption that economic  events can be identified  with a particular unit of accountability Going concern assumption Economic entity assumption (ANS) Monetary unit assumption Double entry assumption
55 Which form of accounting states that transactions are to be recorded in the period that they occur? Accrual basis of accounting  (ANS) Economic basis of accounting Cash basis of accounting Transaction basis of accounting
56 Usually what assets account in a company’s ledger is the most liquid? Cheque Cash (ANS) Book Account
57 A well designed internal control questionnaire (ICQ) should incorporate the following EXCEPT Be s sufficient source of data for the evaluation of internal controls Identity the internal control system’s strength and weaknesses Be organized by individual functional organizations Should include simple yes or no responses (ANS)
58 Which one of the following is FALSE about internal control evaluation checklist (ICEC)? ICEC is developed to overcome the shortcomings of internal control questionnaire The rules of constructing ICEC is different than construction of internal control questionnaire It is designed to determine , whether desirable internal controls are present It is normally employed where system’s information  has already been recorded (ANS)
59 An auditor flow chat of an entity information system is a diagrammatic representation , it depicts what kind of information? Program for tests of control Understand of the system Understanding of the types of irregularity that are probable given by the present system Documents of the study and evaluation of the system                (ANS)
60 Which one of the following is NOT a factor included in the control of environment any entity Integrity and the ethical values Risk assessment Commitment to competence Organization structure (ANS)
61 The audit which is a review of any part of an entity’s operating procedures and methods is known as Financial statement audits Operational audits (ANS) Technical audits Compliance audits
62 Which one of the following is the source document for staff salaries?


Approved payrolls (ANS) vouchers Accounting statements Cash memos
63 The factors that affect reasonable assurance include all of the following EXCEPT Use of testing (sampling) Interest limitations of accounting Remuneration of the auditor Persuasive nature of audit evidence (ANS)
64 Which section of public procurement rules, 2004 of deals with definitions 1 2 (ANS) 3 4
65 Which section of public procurement rules, 2004 of deals with scope and applicability 1 2 3 (ANS) 4
66 Which section of public procurement 2004, of deals with international and inter-governmental commitments of the federal government 5 (ANS) 6 7 8
67 Which section of public procurement rules , 2004 of deals with principles or procurements 4 (ANS) 5 6 7
68 Analytical procures used in planning an audit should focus on identifying which one of the following Area that may represent specific risks relevant to the audit Material weakness in the internal control structure The predictability of financial data from individual transactions (ANS) The various assertions that are embodied in the financial report
69 Which one of the following meeting is the considered as meeting of directors or management General meeting Extra ordinary general meeting Board meeting (ANS) Management meeting
70 Following statements are true about the legal requirement of books accounts for the companies EXCEPT Books of accounts should be preserved for 10 years Books of accounts are to be kept at the registered office of the company Directors can review the books of account during the business hours If a company fails to maintain books of account s according, it may leads to demolish the entity (ANS)
71 Which of the following is not an explanation for rising profit occurring at the same time as cash shortage Repayment of loan Purchase of new premises Disposal of fixed assets for a profit (ANS) Repaid expansion sales and output
72 Which  of the following would not lead to an increase in net cash flow Higher selling price Reduced materials costs Larger sales volume Lower depreciation charges (ANS)
73 Advantage of maintaining cash budgets would not include one of the following Surplus cash can be put to more profitable uses if expected to occur Time is available to investigate the possible future sources of finance `overdrafts can be negotiated in advance of when they are needed Debtors can be paid more quickly (ANS)
74 If the economic order quantity is 300 units, the cost of reordering is $90 and the storage and holding cost per units is $12, then the annual consumption of units must be 12000 units 2222 units 5000 units 6000 units (ANS)
75 Which of the following would be found in a cash budget Depreciation Capital expenditure (ANS) Provision for doubtful debts Accrued expenditure
76 If annual consumption is 2500 units the cost of the reordering is $100 and the storage and hold cost per unit is $2 , then the economic order quantity would be 707 units 433 units 500 units (ANS) 1000 units
77 Which type of budgeting provides fir analysis of alternative methods of operation and various levels of effort? It places new programs on an eq2ual footing with existing programs by requiring that programs priorities be ranked, thereby providing a systematic basis for allocating resources Zero based budgeting (ANS) Fiscal based budgeting Revenue based budgeting None of these
78 A forecast set of final accounts is also known as Cash budget Master budget (ANS) Capital budget Sales budget
79 The acronym OPT in budgeting would refer to Other peoples time Organization , people , time Optimized production technology (ANS) Optimized purchasing technology
80 Net cash flow can be calculated Opening balance of cash plus cash in flows Cash inflows plus cash outflows Profit less expenses Cash inflows less cash outflows (ANS)
81 First stage in evolution of business Industrial revolution (ANS) Marketing era Entrepreneurship globalization
82 ____ is the combination of products qualities and features, its price, the way it is promoted and sold. Marketing mix (ANS) Product mix Product differentiation Products positioning
83 In which form of business , owner have limited liability Sole proprietorship Partnership Joint stock company (ANS)  
84 Which of the following item provides the important function of shielding part of income from taxes Inventory Supplies Machinery Deprecation (ANS)
85 The process of determining the present value of a payment or a stream of payment that is to be received in Discounting (ANS) Compounding Factorization None of these
86 You need Rs 10,000 to buy a new television, if you have Rs, 6000 to invest at 5 % compounded annually, how long will you have to wait to but the television? 8.42 years 10.51 years (ANS) 15.75 years 18.78 years
87 Which of the following equation knew as cash flow (CF) identity? CF from assets = CF to creditors- CF to stockholder CF from assets= CF to stockholders-CF to creditors CF to stockholders= CF to creditors + CF from assets CF from assets=CF to creditors +CF to stockholders (ANS)
88 In which of the following type of annuity. Cash flows occurs at the beginning of each period? Ordinary annuity  (ANS) Annuity duty Perpetuity None of these
89 Which is given area is addressed by business finance? Financing Investing Managing day to day expenses All of these (ANS)
90 Between the two identical  bonds having different periods, the price of the _____ bond will change less than that of _____bond Long-term  : short-term Short-term : long-term (ANS)


Lower-coupon : higher-coupon None of the given options
91 Which of the following  business organization  is least regulated Sole-proprietorship (ANS) General partnership Limited partnership Corporation
92 Which of the following is measured by profit margin Operating efficiency (ANS) Asset use efficiency Financial policy Dividend policy
93 Which of the following is true regarding the revision of your financial plan? You need to revise the plan even if you financial condition is unchanged Financial plans need not be revised to reflect changes in your  financial or your goals You financial goals may have to be reduced if you are unable to maintain the plan for achieving a particular level of wealth (ANS) You need to revise the plan to make it more realistic even if toy are able and willing to follow the plan that you developed
94 Which of the following probably would not be asked when considering your financial positioning What is your net worth What is the value of your investments What are your intermediate term financial goals (ANS) How much money do you have in savings
95 Then internet facilities financial planning by providing Quotations that can be used when making financial decisions Information on all parts of the financial plan, such as budgeting , managing, liquidity , financing , investing, insurance, and retirement planning  


Updated information on the recent performance of various types of investments

All of these (ANS)
96 Financial advisers : Often provide analyses of investments that are very conservative




May advise you to make investments that are designed to give them high commission (ANS) Are always motivated to act in your best interests Are not useful for individuals with a limited background in financial planning
97 If you give something up as a result of making a decision, you are incurring a Opportunity cost (ANS) Net cost Liquidity problem None of these
98 When constructing a budget, it is helpful to use a personal cash flow statement, which measures a person’s ______and _______ Assets : liabilities Cash inflows : cash outflows  (ANS) Assets : expanses None of the above
99 _________ is not a key factor affecting you cash inflows You stage in your career path You job skills Your personal consumption behavior (ANS) All of the above are key factors affecting you cash inflows
100 Job opportunities for which these is a _____ demand probably  pay ____ salaries Low : low (ANS) Low : high High : low  None of these



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