B.Com 3rd Year Auditing Online Test

Auditing Chapter 6th = Verification and Valuation of Assets and Liabilities

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Verification and Valuation of Assets and Liabilities

Verification and Valuation of Assets and Liabilities

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70. Method of valuating stock is –

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69. If average capital of business is Rs. 5,00,000; Average annual income Rs. 80,000 and normal rate of return 10% then amount of goodwill by capitalisation method will be –

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68. Capitalisation method is concerned with –

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67. Instrinsic value method of valuation is concerned with –

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66. Average Profit Method is connected with –

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65. Material includes –

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64. When profit is inflated by making wrong valuation of stock, then profit of succeeding year will –

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63. In which possibilities of fraud and error are more –

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62. Which of the following is the result of undervaluation of stock –

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61. In which case decision is that physical verification of stock is the liability of auditor –

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60. Incorrect valuation of stock affects –

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59. Main cause of over and under valuation of assets and liabilities iss –

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58. Which of the following is contingent liability –

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57. In the Balance Sheet contingent liabilities is shown –

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56. In the Last in Fist out Method’ stock is valued at –

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55. In the First in First Out Method’, stock is valued at –

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54. Valuation of loose tools is made on the basis of –

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53. Valuation of Livestock should be made by –

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52. In valuing livestock, auditor should take certificate of –

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51. Highest in Price Out’ method of valuation is used –

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50. Quoted Price is related with –

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49. Which of the following is wasting asset –

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48. On which side Trade mark is shown in the Balance Sheet –

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47. At which price raw material is valued –

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46. “Generally stock is valued at cost price or market price whichever is less”, this statement is given by –

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45. Which of the following asset is valued at cost –

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44. Work of Valuation done by is –

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43. Which of the following is an intangible asset –

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42. Land is valued at –

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41. In case of unclaimed wages, the auditor should examine whether –

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40. Floating assets are valued at –

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39. Which of the following statement is valuation of assets by an auditor –

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38. Which of the following statement is correct –

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37. Verification refers to –

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36. Preliminary expenses include –

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35. Direct confirmation procedure can be applied to –

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34. Investments in hand should be verified with the help of –

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33. Which of the following is fictitious asset –

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32. Which of the following is an intangible asset?

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31. Which of the following is fictitious asset –

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30. Which of the following is intangible asset –

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29. Which of the following is wasting asset –

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28. Registration from government for a name or mark of the produced goods is termed as –

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27. Valuation of purchased goodwill is done on the basis of –

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26. Which of the following is current asset?

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25. Current assets remain in business for –

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24. Which the following is a fixed asset –

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23. Wasting assets means –

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22. Which reserve is useful to strength the financial position of a business?

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21. Which asset is valued on cost price or market price whichever is less –

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20. Stock should be valued at –

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19. Case of London Oil Storage Co. Ltd. vs. Sear Hasluck Co. (1904) is related to –

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18. Verification is based on –

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17. Valuation is a part of –

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16. Verification and Valuation both are –

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15. The judgement that ‘an auditor is not a valuer’ in case of –

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14. “An Auditor is not a valuer”. This statement is of –

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13. Auditor is –

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12. When auditor has any doubt about the valuation of assets, he must disclose this fact –

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11. Valuation is –

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10. Which of the following is the object of valuation –

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9, In how many parts generally assets are categorised –

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8, “The valuation of assets is an attempt to ensure the equitable distribution of the original outlay over the period of the assets usefulness.” This is defined by –

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7. In verifying liabilities, an auditor see that –

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6. Which of the following does not require physical verification?

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5. Object of verification of assets by an auditor is –

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4. Which of the following is not the object of verification –

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3. Principle of verification is –

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2. “The verification of Assets implies an enquiry into the value, ownership and title, existence and possession and the presence of any charge on the assets”. This is defined by –

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1. Meaning of verification of assets is –

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