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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

Window dressing implies_______________?
A Curtailment of expenses
B Checking of Wastages
C Under valuation of assets
D Over Valuation of assets
Correct Answer: Over Valuation of assets
Errors of Omission are_____________?
A Technical errors
B Errors of principle
C Compensating errors
D None of the above
Correct Answer: Technical errors
Internal check is carried on by___________?
A Staff specially appointed for the purpose
B Internal auditor
C Supervisor of the staff
D Members of the staff
Correct Answer: Members of the staff
Institute of Chartered Accountants of Pakistan was established in____________?
A 1949
B 1956
C 1961
D 1972
Correct Answer: 1961
Which of the following statements is INCORRECT?
A An auditor may serve on the board of directors of an audit client.
B An auditor who is an immediate family member of the director of an audit client must not be assigned to the audit team.
C Purchasing goods from an audit client on normal commercial terms does not create a threat to the auditor’s independence.
D An auditor who was recently a director of an audit client must not be assigned to the audit team for that client.
Correct Answer: An auditor may serve on the board of directors of an audit client.
Which of the following is true about written representations?
A They are the best source of audit evidence
B They should be used only when there is a lack of other substantive audit evidence
C They should be used only when there is other substantive audit evidence to complement it
D Shareholders receive a copy of all material written representations
Correct Answer: They should be used only when there is a lack of other substantive audit evidence
Which of the following would you not use as a benchmark for comparison when undertaking analytical procedures?
A Other audit clients
B Previous years
C Other companies in the same industry
D Budget
Correct Answer: Other audit clients
What is meant by the expression ‘expectation gap’?
A The gap between how the directors of a company perform their duties and how the shareholders expect them to perform
B The gap between how the directors of a company perform their duties and how the general public expects them to perform
C The gap between the public perception of the role of company auditors and their statutory role and responsibilities
D The gap between the auditors’ own perception of their duties and how they are set out in the Companies Act
Correct Answer: The gap between the public perception of the role of company auditors and their statutory role and responsibilities
Which of the following does NOT belong in the auditors’ report?
A Introductory paragraph specifying the pages to which the report relates and the accounting convention adopted
B Basis of the opinion
C Involvement of any specialist
D Statement of responsibilities of directors and auditors
Correct Answer: Involvement of any specialist
Which one of the following is part of the auditor’s function?
A Conducting the inventory count
B Obtaining and evaluating audit evidence on the financial statements
C Calculating the year-end accruals figure for inclusion in the accounts
D Providing representations to management
Correct Answer: Obtaining and evaluating audit evidence on the financial statements
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