Management Sciences MCQs
These Management Sciences MCQs are for public service commission exams and BBA, and MBA students to prepare for their examinations. All MCQs are prepared after having a look at past papers of public service commission examinations held from time to time. These Management Science questions are very important for all types of tests conducted by FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, STS, ETEA, and other testing agencies of Pakistan.
Which of the following factors would least likely affect the quantity and content of an auditors working papers
A: The assessed level of control risk
B: The possibility of peer review
C: The nature of auditors report
D: The content of management representation letter
The content of management representation letter
Which of the following statement is true regarding an auditors working papers?
A: They document the level of independence maintained by the auditor
B: They should be considered as the principle support for the auditors report
C: They should not contain details regarding weaknesses in the internal control system
D: They help the auditor to monitor the effectiveness of the audit firms quality control
They should be considered as the principle support for the auditors report
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
Worksheet supporting consolidated financial statements
Audit programme is prepared by____________?
A: The auditor
B: The client
C: The audit assistants
D: The auditor and his audit assistants
The auditor and his audit assistants
The working papers which auditor prepares for financial statements audit are___________?
A: Evidence for audit conclusions
B: Owned by the client
C: Owned by the auditor
D: Retained in auditors office until a change in auditors
Owned by the auditor
The quantity of audit working papers complied on engagement would most be affected by__________?
A: Managements integrity
B: Auditors experience and professional judgment
C: Auditors qualification
D: Control risk
Auditors experience and professional judgment
The nature, timing and extent of substantive procedures is related to assessed level of control risk
A: Randomly
B: Disproportionately
C: Directly
D: Inversely
Directly
Window dressing implies_______________?
A: Curtailment of expenses
B: Checking of Wastages
C: Under valuation of assets
D: Over Valuation of assets
Over Valuation of assets
Test Checking refers to___________?
A: Testing of accounts and records
B: Checking of selected number of transactions
C: Examination of adjusting and closing entries
D: Checking of all transactions recorded
Checking of selected number of transactions
______the audit risks_______the materiality and_________the audit effort.
A: Lower, Higher, Lower
B: Higher, Lower, Lower
C: Lower, Higher, Higher
D: Lower, Lower, Higher
Lower, Higher, Lower