PGT (Commerce previous year questions) (HTET) (Part – III)Total Questions: 10061. The current file of the auditor's working papers, generally, should include:A. A flowchart of the internal controlsB. Organisation chartsC. А сорy of financial statementsD. Copies of bond and debenturesCorrect Answer: C. А сорy of financial statements62. Knowledge of the entity's business does not help the auditor to:A. Reduce inherent riskB. Identify problem areasC. Evaluate reasonableness of estimatesD. Evaluate appropriates of GAAPCorrect Answer: A. Reduce inherent risk63. Payment for wage should be vouched with the help of:A. Piece work statementB. Wage sheetsC. Minutes bookD. Bank pass bookCorrect Answer: B. Wage sheets64. Payment for building purchased should be vouched with the help of:A. Title DeedB. Correspondence with the brokersC. Building AccountD. Cash bookCorrect Answer: A. Title Deed65. Purchase returns should be vouched with the help of:A. Bought notesB. Credit notesC. Goods inward bookD. Cash bookCorrect Answer: B. Credit notes66. Receipts from sale of investments should be vouched with the help of:A. Broker's bought notesB. Broker's sold notesC. Minutes bookD. Inventory of investmentCorrect Answer: B. Broker's sold notes67. Which of the following expenses should not be treated as capital expenditure?A. Expenses paid on installation of a plant.B. Cost of dismantling a building in case a new building is to be constructed on the landC. Legal expenses incurred to defend a suit related to title of patent. The suit has been lostD. The fees paid to engineer who constructed the plantCorrect Answer: C. Legal expenses incurred to defend a suit related to title of patent. The suit has been lost68. Which of the following is not a revenue expense?A. Cost of raising a loanB. Cost of accessories of motor vehicles spent at the time of purchaseC. Expenses incurred for laying of sewers on land purchasedD. Insurance premium paid at the time of registration of the shipCorrect Answer: B. Cost of accessories of motor vehicles spent at the time of purchase69. Depreciation does not arise form_______A. Effluxion of timeB. UseC. Obsolescence through technology be market changesD. Remarket expectationCorrect Answer: D. Remarket expectation70. Which of the following Schedule of the Companies Act, 2013 deals with depreciations?A. Schedule IIB. Schedule VC. Schedule XIIID. Schedule XCorrect Answer: A. Schedule IISubmit Quiz« Previous12345678910Next »
