Introduction to Accounting
Accounting is the analysis and interpretation of book-keeping records. It includes not only maintains of accounting records but also the preparation of financial statements which helps in analysis and interpretation of business transactions and events.
According to the American institute of certified public accounts” The arts of recordings, classifying and summarizing in a significant manner and in terms of money transaction and events which in parts, at least of a financial charter and interpreting the result there of”.
Introduction to Auditing
In the words of Montgomery, ”Auditing is a systematic examination of the books and records of a business or other organization, in order to ascertain or verify and report upon the facts regarding its financial operation and the result thereof”.
In the words of Lawrence R. Dicksee, ”An audit is an examination of records undertaken with a view to establishing whether they correctly and completely reflect the transactions to which they relate. In some circumstances it may be necessary to ascertain whether the transactions are supported by authority.
About Accounting and Auditing MCQs
In this post you will get Accounting and Auditing MCQs which are especially for UGC NET and SET exams of various states such as SLET NE, GSET, WBSET. JKSET, Rajasthan SET, MP SET, MH SET, KSET and Kerala SET.
We try to cover all the questions asked in above mentioned exams relating to Accounting and Auditing MCQs. Visit our website regularly for latest contents.
Accounting and Auditing MCQs for UGC NET and SET Exams
1. IFRS stands for: [GSET]
(A) International Financial Reporting Statements.
(B) International Financial Reporting Standards.
(C) Indian Financial Reporting Statements.
(D) Indian Financial Reporting Standards.
Ans: (B) International Financial Reporting Standards.
2. When shares are issued at a price higher than par value, the excess of issue price over par value is a _______. [GSET]
(A) Capital Profit.
(B) Capital Reserve.
(C) Revenue Profit.
(D) Revenue Reserve.
Ans: (A) Capital Profit.
3. Customer profitability analysis (CPA) is best conducted with the tools of an accounting technique called: [GSET]
(A) Input-output analysis.
(B) Factor analysis.
(C) Revenue based costing.
(D) Activity based costing.
Ans: (D) Activity based costing.
4. When all other factors are constant, the break-even point will decrease by [GSET]
(A) increasing the fixed cost.
(B) increasing the selling price.
(C) decreasing the contribution margin.
(D) increasing the variable cost per unit.
Ans: (B) increasing the selling price.
5. Average fixed cost [GSET]
(A) decline as output increases.
(B) do not change as output increases.
(C) increase as output increases.
(D) are always constant.
Ans: (A) decline as output increases.
6. Assuming a constant level of fixed assets, a higher CA/FA ratio indicates [GSET]
(A) Aggressive current assets policy.
(B) Moderate current assets policy.
(C) Conservative current assets policy.
(D) Average current assets policy.
Ans: (C) Conservative current assets policy.
7. A historical record of where the funds came from and how these were utilized during the year is known as [GSET]
(A) Funds flow statement.
(B) Cash flow statement.
(C) Cash budget.
(D) Capital budget.
Ans: (A) Funds flow statement.
8. To find debt equity ratio the denominator is [GSET]
(A) Number of equity shares.
(B) Paid-up share capital.
(C) Reserves and surplus.
(D) Net worth.
Ans: (D) Net worth.
9. In ABC Analysis, ‘A’ stands: [GSET]
(A) High Price’s goods.
(B) Lower quality goods.
(C) High volume goods.
(D) More quality goods.
Ans: (A) High Price’s goods.
10. Break-even means: [GSET]
(A) Costs are more than the reserve.
(B) Revenue and cost are equal.
(C) Revenue is more than cost.
(D) None of the above.
Ans: (B) Revenue and cost are equal.
11. Indian Accounting Standard (AS 3) is related with: [GSET]
(A) Depreciation Accounting.
(B) Segment Reporting.
(C) Cash Flow Statement.
(D) Disclosure of Accounting Policies.
Ans: (C) Cash Flow Statement.
12. Under the CCA method, the difference between replacement cost of assets and historical cost of assets is known as: [GSET]
(A) Realised Holding Gain.
(B) Unrealised Holding Gain.
(C) Realised Profit.
(D) Unrealised Profit.
Ans: (B) Unrealised Holding Gain.
13. The liability that is payable in more than a year and is not to liquidated from current assets: [GSET]
(A) Current Liability.
(B) Fixed Liability.
(C) Contingent Liability.
(D) All of the above.
Ans: (B) Fixed Liability.
14. Patents, Copyrights and Trademarks are: [GSET]
(A) Current Assets.
(B) Fixed Assets.
(C) Intangible Assets.
(D) Investment.
Ans: (C) Intangible Assets.
15. The appropriate ratio for indicating liquidity crisis is: [GSET]
(A) Operating Ratio.
(B) Sales Turnover Ratio.
(C) Current Ratio.
(D) Acid Test Ratio.
Ans: (D) Acid Test Ratio.
16. An agreement which contains two contracts to buy and sell is called: [GSET]
(A) Buyback.
(B) Escrow.
(C) Switch Trading.
(D) Contract Manufacturing.
Ans: (A) Buyback.
17. For the purpose of preparation of fund flow statement, fund mean: [GSET]
(A) Total resources.
(B) Cash/Bank balances.
(C) Current assets.
(D) Working capital.
Ans: (D) Working capital.
18. Which one of the following will not affect the working capital? [GSET]
(A) Sale of plant and machinery in cash.
(B) Realization of cash from debtors.
(C) Issue of equity shares.
(D) Redemption of debentures.
Ans: (B) Realization of cash from debtors.
19. In a narrow sense, the term fund mean: [GSET]
(A) Working capital.
(B) Cash.
(C) Finance.
(D) Total financial resources.
Ans: (B) Cash.
20. Cash flow statement is based on _______ of accounting. [GSET]
(A) Accrued Basis.
(B) Cash Basis.
(C) Both (A) and (B)
(D) Working Capital Basis.
Ans: (B) Cash Basis.
21. An example of Fixed Assets is: [GSET]
(A) Live Stock.
(B) Value Stock.
(C) Income Stock.
(D) All of the above.
Ans: (A) Live Stock.
22. Direct costs are also known as: [GSET]
(A) Common costs.
(B) Overhead costs.
(C) Traceable costs.
(D) Fixed costs.
Ans: (C) Traceable costs.
23. The amount is given by the chief cashier to the petty cashier as advance is known as: [GSET]
(A) Advanced Money.
(B) Petty Money.
(C) Imprest Money.
(D) Supply Money.
Ans: (C) Imprest Money.
24. The Ledger is called: [GSET]
(A) Book of original entry.
(B) Petty cash book.
(C) Day book.
(D) Book of principal entry.
Ans: (D) Book of principal entry.
25. Basically there are _______ parties to a bill of exchange. [GSET]
(A) Four.
(B) Two.
(C) One.
(D) Three.
Ans: (D) Three.
26. Fixed Assets are to be shown at cost less depreciation on the basis of: [GSET]
(A) Cost Concept.
(B) Revenue Concept.
(C) Separate Entity Concept.
(D) Going Concern Concept.
Ans: (D) Going Concern Concept.
27. Circulating working capital is also called: [GSET]
(A) Net Working Capital.
(B) Regular Working Capital.
(C) Temporary Working Capital.
(D) Permanent Working Capital.
Ans: (C) Temporary Working Capital.
28. The correct sequence of preparing final accounts is: [GSET]
(A) Journal, Ledger, Trial Balance, Balance Sheet.
(B) Ledger, Trial Balance, Balance Sheet, Journal.
(C) Trial Balance, Balance Sheet, Ledger, Journal.
(D) Journal, Trial Balance, Ledger, Balance Sheet.
Ans: (A) Journal, Ledger, Trial Balance, Balance Sheet.
29. _______ is a cost unit of crude oil. [GSET]
(A) Barrel.
(B) Litre.
(C) Gallon.
(D) Kilogram.
Ans: (A) Barrel.
30. Primary packaging cost is an example of _______. [GSET]
(A) Selling cost.
(B) Indirect cost.
(C) Overhead cost.
(D) Direct cost.
Ans: (D) Direct cost.
31. A company is an example of a: [GSET]
(A) Cost Centre.
(B) Production Centre.
(C) Profit Centre.
(D) Cost Unit.
Ans: (C) Profit Centre.
32. In case of amalgamation in the nature of merger: [GSET]
(A) Accounting is made by pooling of interest method.
(B) Accounting is made by purchase method.
(C) Accounting is made considering the same as slump sale.
(D) It is considered as hostile takeover.
Ans: (A) Accounting is made by pooling of interest method.
33. For AS-3 on ‘cash flow statements’ the respective [GSET]
(A) Ind AS number is 3 and it is titled as ‘cash flow statements’.
(B) Ind AS number is 7 and it is titled as ‘statement of cash flows’.
(C) Ind AS number is 3 and it is titled as ‘statement of cash flows’.
(D) Ind AS number is 8 and it is titled as ‘cash flow statements’.
Ans: (B) Ind AS number is 7 and it is titled as ‘statement of cash flows’.
34. In an inflationary period, additional depreciation is required to be charged to cover the backlog of depreciation of gross current replacement cost of the assets that increase every year when accounts are prepared as per [GSET]
(A) Cash System.
(B) Current Cost Accounting Method.
(C) Current Purchasing Power Method.
(D) Mercantile System.
Ans: (B) Current Cost Accounting Method.
35. Capital profit with reference to holding companies is [GSET]
(A) Post acquisition profits of the subsidiary company.
(B) Profits earned by the subsidiary company upto the date of acquisition of shares by the holding company.
(C) Profits earned by the subsidiary company by unusual transactions.
(D) Profits made by holding company on sale of goods.
Ans: (B) Profits earned by the subsidiary company upto the date of acquisition of shares by the holding company.
36. A liability taken over by a partner at the time of dissolution is credited to [GSET]
(A) Profit and Loss A/c.
(B) Partner’s Capital A/c.
(C) Realisation A/c.
(D) Revaluation A/c.
Ans: (B) Partner’s Capital A/c.
37. Only significant events which affect business must be recorded as per principle of [GSET]
(A) Accrual.
(B) Materiality.
(C) Going Concern.
(D) Business entity.
Ans: (B) Materiality.
38. Which one of the following conventions is usually followed by the accountant for the policy of “Playing Safe”? [GSET]
(A) Conservatism.
(B) Consistency.
(C) Full Disclosure.
(D) Materiality.
Ans: (A) Conservatism.
39. Partnership agreement should specify all of the following except: [GSET]
(A) Payment of dividend.
(B) Distribution of profits.
(C) Procedure for admission of a new partner.
(D) Amount of capital invested by each partner.
Ans: (A) Payment of dividend.
40. Discount on issue of shares is a: [GSET]
(A) Capital loss.
(B) Revenue loss.
(C) Trading loss.
(D) Financial loss.
Ans: (A) Capital loss.
41. Balance-sheet of a company indicates that its current ratio is 1.5. The company’s net working capital is Rs. 1 crore. The current assets would amount to: [GSET]
(A) Rs. 1 crore.
(B) Rs. 3 crore.
(C) Rs. 4 crore.
(D) Rs. 2.5 crore.
Ans: (B) Rs. 3 crore.
42. Absorption Costing is called _______. [GSET]
(A) Conventional Costing.
(B) Full Costing.
(C) Direct Costing.
(D) (A) and (B) both.
Ans: (D) (A) and (B) both.
43. Which one of the following assets is the least liquid asset? [GSET]
(A) Intangible.
(B) Floating.
(C) Wasting.
(D) Fictitious.
Ans: (A) Intangible.
44. Which account is generally used for rectification of errors? [GSET]
(A) Cash.
(B) Profit and Loss.
(C) General Ledger Adjustment.
(D) Suspense.
Ans: (D) Suspense.
45. X and Y are partners sharing profits and losses in the ratio of 3 : 2. Z is admitted as a partner and their new profit sharing ratio is 3 : 3 : 2. The sacrificing ratio of X and Y is: [GSET]
(A) 1 : 9.
(B) 9 : 1.
(C) 3 : 1.
(D) 1 : 3.
Ans: (B) 9 : 1.
46. When shares are allotted for consideration other than cash the account to be debited would be: [GSET]
(A) Goodwill.
(B) Capital Reserve.
(C) Concerned Assets.
(D) Bonus Share.
Ans: (C) Concerned Assets.
47. An unfavourable material prices variance occurs because of: [GSET]
(A) Price increase in raw materials.
(B) Price decrease in raw materials.
(C) Less than anticipated normal wastage in manufacturing process.
(D) More than anticipated normal wastage in manufacturing process.
Ans: (A) Price increase in raw materials.
48. All of the following are fundamental accounting assumptions, except: [GSET]
(A) Business entity.
(B) Accrual.
(C) Going concern.
(D) Consistency.
Ans: (A) Business entity.
49. Outgoing partner is compensated for parting with firm’s future profits in favour of remaining partners. In what ratio do the remaining partners contribute to such compensation amount? [GSET]
(A) Gaining ratio.
(B) Capital ratio.
(C) Sacrificing ratio.
(D) Profit-sharing ratio.
Ans: (A) Gaining ratio.
50. When the object of reconstruction is usually to reorganise capital or to compound with creditors or to effect economies, then such type of reconstruction is called: [GSET]
(A) Internal reconstruction with liquidation of a company.
(B) Internal reconstruction without liquidation of a company.
(C) External reconstruction.
(D) Absorption.
Ans: (B) Internal reconstruction without liquidation of a company.
51. The contribution margin increases when revenues remain the same and: [GSET]
(A) variable cost per unit increases.
(B) variable cost per unit decreases.
(C) fixed cost decreases.
(D) fixed cost increases.
Ans: (B) variable cost per unit decreases.
52. The interest on calls-in-advance is paid for the period from the _______. [GSET]
(A) date of receipt of application money to the due date of call.
(B) date of receipt of allotment money to the due date of call.
(C) due of receipt of advance to the due date of call.
(D) due date of call to the date of dividend payment.
Ans: (C) due of receipt of advance to the due date of call.
53. Which is correct sequence of the following stages in accounting process? [GSET]
(1) Posting.
(2) Journalising.
(3) Balancing.
(4) Summarizing.
Select the correct answer from the codes given below:
(A) (4), (1), (2), (3).
(B) (3), (2), (1), (4).
(C) (2), (1), (3), (4).
(D) (1), (3), (4), (2).
Ans: (C) (2), (1), (3), (4).
54. Amount set apart to meet losses due to bad debts is a: [GSET]
(A) Liquidity.
(B) Assets.
(C) Reserve.
(D) Provision.
Ans: (D) Provision.
55. Costs which are directly dependent on the volume of output or service are called: [GSET]
(A) Fixed costs.
(B) Variable costs.
(C) Semi-variable costs.
(D) Semi-fixed costs.
Ans: (B) Variable costs.
56. Statement I (S-1): The demand for a commodity refers to the quantity of the commodity demanded at a certain price during any particular period of time. [GSET]
Statement II (S-II): Contraction of demand is the result of increase in the price of the commodity concerned.
(A) Both S-I and S-II are correct.
(B) Both S-I and S-II are incorrect.
(C) S-I is correct and S-II is incorrect.
(D) S-II is correct and S-I is incorrect.
Ans: (A) Both S-I and S-II are correct.
57. Who invented Double Entry system? [GSET]
(A) F.W. Taylor.
(B) Henry Fayol.
(C) Luca Pacioli.
(D) Maslow A.H.
Ans: (C) Luca Pacioli.
58. Under AS-9 interest for the use of cash-resources is recognised on a: [GSET]
(A) Receipt basis.
(B) Due basis.
(C) Time-proportion basis.
(D) None of the above.
Ans: (C) Time-proportion basis.
59. A liability taken-over by a partner at the time of dissolution is credited to: [GSET]
(A) Profit and Loss A/c.
(B) Partners’ Capital A/c.
(C) Realisation A/c.
(D) Revaluation A/c.
Ans: (B) Partners’ Capital A/c.
60. In case of amalgamation in the nature of purchase, liquidation expenses of the transferor company borne by the transferee company are debited to: [GSET]
(A) Profit & Loss A/c
(B) Realisation A/c.
(C) Liquidation Expenses A/c.
(D) Goodwill A/c.
Ans: (D) Goodwill A/c.
61. A company maintains a margin of safety of 25% on its current sales and earns a profit of Rs. 30 lakhs per annum. If the company has profit-volume (P/V) ratio of 40%, its current sales amount to: [GSET]
(A) Rs. 200 Lakhs.
(B) Rs. 325 Lakhs.
(C) Rs. 300 Lakhs.
(D) None of the above.
Ans: (C) Rs. 300 Lakhs.
62. Animesh Ltd. issued 10,000 shares of Rs. 10 each at a face value. The called up value per share was Rs. 8. The company forfeited 200 shares of Mr. Bhargav for non-payment of 1st call money of Rs. 2 per share. He paid Rs. 6 per share for application and allotment money. On forfeiture, the share capital account will be: [GSET]
(A) debited by Rs. 2,000.
(B) debited by Rs. 1,600.
(C) credited by Rs. 1,600.
(D) debited by Rs. 1,200.
Ans: (B) debited by Rs. 1,600.
63. Bonus shares are usually issued out of: [GSET]
(A) Accumulated Profits.
(B) Reserved created for specific purpose.
(C) Reserved created out of revaluation of assets.
(D) None of the above.
Ans: (A) Accumulated Profits.
64. Assets in the balance sheet of a company are arranged in the order of: [GSET]
(A) Book value.
(B) Liquidity.
(C) Permanence.
(D) Market value.
Ans: (C) Permanence.
65. Profit and Loss a/c shows the: [GSET]
(A) Financial results of the concern for a period.
(B) Financial position of the concern on a particular date.
(C) Financial position of the concern for a period.
(D) Financial results of a concern on a particular date.
Ans: (A) Financial results of the concern for a period.
66. After reissue of forfeited shares, the surplus in the Forfeited Shares A/c is transferred to: [GSET]
(A) General Reserve A/c.
(B) Reserves and Surplus A/c.
(C) Profit and Loss A/c.
(D) Capital Reserve A/c.
Ans: (D) Capital Reserve A/c.
67. Match the following: In case of purchase method of amalgamation [GSET]
|
(1) If fair value of net assets is more than the amount of purchase consideration. (2) If purchase consideration is in excess of value of net assets. (3) If statutory reserves are required to maintain their identity. |
(a) The double entry is completed by opening the amalgamation adjustment Account. (b) The difference is credited to capital reserve account. (c) The difference is debited to goodwill account. |
Codes:
(A) (1)-(b), (2)-(c), (3)-(a).
(B) (1)-(c), (2)-(b), (3)-(a).
(C) (1)-(a), (2)-(b), (3)-(c).
(D) (1)-(c), (2)-(a), (3)-(b).
Ans: (A) (1)-(b), (2)-(c), (3)-(a).
68. Who is interested in master budget? [GSET]
(A) Lower-level management.
(B) Top management.
(C) Middle-level management.
(D) Functional heads.
Ans: (B) Top management.
69. The Journal is called: [GSET]
(1) Day Book.
(2) Book of Principal Entry.
(3) Book of Primary Entry.
(4) Book of Original Entry.
Select the correct answer from the codes given below:
(A) (2), (3) and (4).
(B) (1), (3) and (4).
(C) (1), (2) and (3).
(D) (1) (2) and (4).
Ans: (B) (1), (3) and (4).
70. Cash Flow Statement is prepared for: [GSET]
(A) determining the net working capital between two balance sheet dates.
(B) determining the net fund between two balance sheet dates.
(C) determining the net cash flow between two balance sheet dates.
(D) determining the net operating profit between two balance sheet dates.
Ans: (C) determining the net cash flow between two balance sheet dates.
71. Marginal cost is also known as: [GSET]
(A) Period cost.
(B) Variable cost.
(C) Fixed cost.
(D) Absorption cost.
Ans: (B) Variable cost.
72. Margin of safety is the difference between _______. [GSET]
(A) Marginal Revenue and Marginal Cost.
(B) Expected Sales and Actual Sales.
(C) Expected sales and BEP Sales.
(D) Actual Sales and BEP Sales.
Ans: (D) Actual Sales and BEP Sales.
73. The going concern concept refers to a presumption that: [GSET]
(A) The entity will be profitable in the coming year.
(B) The entity will continue to operate in the foreseeable future.
(C) The entity will not be involved in a merger within a year.
(D) The top management of the entity will remain same for the foreseeable future.
Ans: (B) The entity will continue to operate in the foreseeable future.
74. Expenses incurred in the installation of machinery is a type of: [GSET]
(A) Revenue expenditure.
(B) Capital expenditure.
(C) Deferred revenue expenditure.
(D) Operating expenses.
Ans: (B) Capital expenditure.
75. A and B are partners sharing profits and losses in the ratio 5 : 3. They admitted C and agreed to give him 3/10 of profit. What is the new ratio after C’s admission? [GSET]
(A) 35 : 42 : 17.
(B) 35 : 21 : 24.
(C) 49 : 22 : 29.
(D) 34 : 20 : 12.
Ans: (B) 35 : 21 : 24.
76. A trade creditor would be interested in: [GSET]
(A) Debt equity ratio.
(B) Net profit ratio.
(C) Acid test ratio.
(D) RoI.
Ans: (C) Acid test ratio.
77. The margin of safety can be defined as: [GSET]
(A) The excess of actual sales over actual variable expenses.
(B) The excess of actual sales over actual fixed expenses.
(C) The excess of actual sales over break-even sales.
(D) The excess of budgeted net income over actual net income.
Ans: (C) The excess of actual sales over break-even sales.
78. A company issued shares of Rs. 10, on which Rs. 6 is called up and a shareholder has not paid the call of Rs. 3. The amount credited to share capital in respect of such share will be: [GSET]
(A) Rs. 10.
(B) Rs. 7.
(C) Rs. 6.
(D) Rs. 3.
Ans: (C) Rs. 6.
79. After the debentures are redeemed, the balance in the sinking fund account is transferred to: [GSET]
(A) Debenture A/c.
(B) General Reserve.
(C) Profit and Loss Appropriation Account.
(D) Capital Reserve.
Ans: (B) General Reserve.
80. Advance Payment of Tax is in the nature of: [GSET]
(A) Revenue Expenses.
(B) Prepaid Income.
(C) Liability.
(D) Prepaid Expenses.
Ans: (D) Prepaid Expenses.
81. _______ is an example of direct cost. [GSET]
(A) Secondary packaging.
(B) Primary packaging.
(C) Carriage outward.
(D) Stationery expenses.
Ans: (B) Primary packaging.
82. When amalgamation is in the nature of merger, the accounting method to be followed is: [GSET]
(A) Consolidated method.
(B) Purchase method.
(C) Equity method.
(D) Pooling of interests method.
Ans: (D) Pooling of interests method.
83. In an inflationary period, additional depreciation is required to be charged to cover the backing of depreciation of the gross current replacement cost of the assets that increase every year when accounts are prepared as per: [GSET]
(A) Cash system.
(B) Current Cost Accounting Method.
(C) Current Purchasing Power method.
(D) Mercantile system.
Ans: (B) Current Cost Accounting Method.
84. Paying an excessive price for the acquisition is called: [GSET]
(A) Hubris spirit.
(B) Megalomania.
(C) Winner’s curse.
(D) Green mail.
Ans: X
85. Which of the following is not accounting software? [GSET]
(A) TALLY.
(B) WINCA.
(C) EX.
(D) BANCO.
Ans: (D) BANCO.
86. Which of the following is the correct order by increasing level of risks and loss if [GSET]
P = Loss Assets; Q = Default Asset; R = Standard Asset; S = Non-performing Asset:
(A) P, Q, R, S.
(B) Q, R, S, P.
(C) R, S, P, Q.
(D) R, Q, P, S.
Ans: (D) R, Q, P, S.
87. As per AS-23, which of the following accounting methods is adopted in accounting of an associate company in the consolidated financial statements? [GSET]
(A) Cost method.
(B) Equity method.
(C) Amortised cost method.
(D) None of the above.
Ans: (B) Equity method.
88. Horizontal mergers refers to the merger of firms dealing in: [GSET]
(A) Different products/services.
(B) Similar products/services.
(C) Unrelated businesses.
(D) Activities of value chain.
Ans: (B) Similar products/services.
89. While auditing the tangible assets, for correct valuation of the same [GSET]
(A) The auditor should ensure that the depreciation has been charged and the method used is appropriate and the impairment assessment has been carried out by the management.
(B) The auditor should ensure that there is no change in the depreciation policy.
(C) The impairment loss need not be taken into consideration.
(D) The auditor should ensure that the depreciation policy is followed as that of the competitor.
Ans: (A) The auditor should ensure that the depreciation has been charged and the method used is appropriate and the impairment assessment has been carried out by the management.
90. Digital signature certificate is _______ requirement under various applications of business. [GSET]
(A) Statutory.
(B) Mandatory.
(C) Governmental.
(D) Voluntary.
Ans: (A) Statutory.
91. The heart of the internal records system is the [GSET]
(A) Pay-roll system.
(B) Purchase order cycle.
(C) Order-to-payment cycle.
(D) Expense cycle.
Ans: (C) Order-to-payment cycle.
92. Audits of non-managers is called: [GSET]
(A) H.R. Audit.
(B) Management Inventories.
(C) Skill Inventories.
(D) Human Resource Inventories.
Ans: (C) Skill Inventories.
93. A cost auditor is required to submit his report to the: [GSET]
(A) Central Government.
(B) Company Law Board.
(C) Board of Directors.
(D) Registrar of the Companies.
Ans: (A) Central Government.
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