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Management Sciences 5307 MCQs [All-Courses]

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Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

All Topics  5307

Which of the following is not corroborative evidence?
A Minutes of meetings
B Confirmations from debtors
C Information gathered by auditor through observation
D Worksheet supporting consolidated financial statements
Correct Answer: Worksheet supporting consolidated financial statements
When is evidential matter, generally, considered sufficient?
A When it constitutes entire population
B When it is enough to provide a basis for giving reasonable assurance regarding truthfulness
C When it is objective and relevant
D When auditor collects and evaluates it independently
Correct Answer: When it is enough to provide a basis for giving reasonable assurance regarding truthfulness
Which of the following factors is most important in determining the appropriations of audit evidence?
A The reliability of audit evidence and its relevance in meeting the audit objective
B The objectivity and integrity of the auditor
C The quantity of audit evidence
D The independence of the source of evidence
Correct Answer: The reliability of audit evidence and its relevance in meeting the audit objective
The nature, timing and extent of substantive procedures is related to assessed level of control risk
A Randomly
B Disproportionately
C Directly
D Inversely
Correct Answer: Directly
In an audit of financial statements, substantive tests are audit procedures that __________?
A May be eliminated for an account balance under certain conditions
B Are designed to discover significant subsequent events
C Will increase proportionately when the auditor decreases the assessed level of control risk
D May be test of transactions, test of balance and analytical procedures
Correct Answer: May be test of transactions, test of balance and analytical procedures
Which of the following statements is, generally, correct about the reliability of audit evidence?
A To be reliable, evidence should conclusive rather than persuasive
B Effective internal control system provides reliable audit evidence
C Evidence obtained from outside sources routed through the client
D All are correct.
Correct Answer: Effective internal control system provides reliable audit evidence
Audit fess is a part of__________.
A works on cost.
B selling overhead.
C distribution overhead.
D administration overhead
Correct Answer: administration overhead
IFRS 9 explains about?
A Inventory
B Accounts Payable
C Accounts Receivable
D Expenses
Correct Answer: Accounts Receivable
Scope of financial audit is__________?
A Financial information
B Non-financial information
C Both (a) and (b)
D None of these
Correct Answer: Financial information
Auditing engagement can be performed w.r.t.
A Profit making entity
B Non-profit making entity
C Corporate entity only
D Any entity
Correct Answer: Any entity
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