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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

The degree of effectiveness of an internal control system depends on:
A The design of the internal control system and the implementation of the controls
B The design of the internal controls and the implementation of the control system
C The implementation of the controls and the correctness of the accounting records
D The design of the internal control system and the correctness of the accounting records
Correct Answer: The design of the internal control system and the implementation of the controls
Which of the following is normally the most reliable source of audit evidence?
A Internal audit
B Suppliers’ statements
C Board minutes
D Analytical review
Correct Answer: Suppliers’ statements
According to ISA 500, the strength of audit evidence is determined by which two qualities?
A Appropriateness & competence
B Sufficiency & appropriateness
C Reliability & extensiveness
D Objectivity & independence
Correct Answer: Sufficiency & appropriateness
Which of the following are you unlikely to see in the current file of auditors’ working papers?
A Memorandum & articles of association
B Audit planning memorandum
C Summary of unadjusted errors
D Details of the work done on the inventory count
Correct Answer: Memorandum & articles of association
Which of the following is NOT an accepted method of selection in sampling?
A Systematic selection
B Pervasive selection
C Random selection
D Haphazard selection
Correct Answer: Pervasive selection
Which of the following describes sampling risk?
A The risk of the auditor carrying out a test the wrong way round
B The risk of reliance on unsuitable audit evidence
C The risk that the sample does not reflect the population
D The risk of the auditor reaching the wrong conclusions from testing
Correct Answer: The risk that the sample does not reflect the population
At the planning stage you would NOT consider____________?
A the timing of the audit
B whether corrections from the inventory count have been implemented
C last year’s audit
D the potential use of internal audit
Correct Answer: whether corrections from the inventory count have been implemented
Which of the following should NOT be considered at the planning stage?
A The timing of the audit
B Analytical review
C Last year’s written representation letter
D Obtaining written representations
Correct Answer: Obtaining written representations
Audit risk is composed of 3 factors. Which of the following is NOT one of those factors?
A Compliance risk
B Detection risk
C Control risk
D Inherent risk
Correct Answer: Compliance risk
Which one of the following is NOT considered to be part of planning?
A Background i.e. industry
B Previous year’s audit i.e. any qualifications in the report
C Considering the work to be done by the client staff e.g. internal audit
D Considering whether the financial statements show a true and fair view
Correct Answer: Considering whether the financial statements show a true and fair view
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