Master of Commerce (M.Com.) MCom Banking & Finance SEM III ADVANCED ACCOUNTING COURSE IV ADVANCED AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All questions are compulsory carrying 15 marks each,
2. Q2 SUB questions would carry equal marks unless indicated to the contrary to their
3. Q3 Working\ References to statuses, standards ete. (not necessarily with reference numbers) to form part of the solutions and assumptions to be made and stated
4. Q1 (a) Audit the following account: In the books of ABC & Co Feb. | | To Balance b/f 4,000 | Feb. 4 | By Sales Return 900 3 | To Sales 16,000 12 | By Bank 19,000 4 | To Sales 900 12 | By Discount 1,000 16 | To Sales 10,000 18 | By Bills Receivables | 10,000 25 | To Sales 13,000 26 | By Bills Receivables | 8.000 8 marks
5. Q1 (b) How will you vouch Provision for taxation? 7 marks
6. Q1 (a) Audit the following account: In the books of Mr. Amit Jan. | | To Balance b/d 16,000 Jan. 1 | By Purchase A/e | 28,000 17 | To Purchases 1,000 | Mar, 31 | By Balance | 40,000 8 marks
   • (C.N. for excess Mar. 25 | To Bank 40,000
7. Q1 (b) How will you vouch Director Sitting Fees? As an Auditor how will you conduct audit of college? 15 7 marks
8. Q2 Explain the Procedure and Special Points of Tax Audit, 15 marks
9. Q3 As an Auditor how will you conduct audit of Hospital? What are the Special Points to be considered in the Audit of 15 15 marks
   • a) Audit of Partnership Firm b) Government Audit
10. Q4 A) the most appropriate option and rewrite the full sentence. Audit of banks is an example of 8 marks
    • a) Statutory audit
    • d) All of the above
11. Q2 Credit balance in Debtors Account
    • a) is normal and no further scrutiny is required
    • b) may indicate advance from debtors may indicate advance to supplier
    • d) none of the above
12. Q3 In case of fire insurance, the provision required to make against unexpired
13. Q4 Unclaimed dividend is shown by a bank under
    • a) Deposits
    • b) Advances
    • d) Contingent Liabilities
14. Q5 The C & AG of India, undertakes audit which are broadly categorised as
    • a) Financial audit, compliance audit and performance audit
    • b) Civil audit, commercial audit, railway audit and P & T audit Receipt audit, expenditure audit and grant audit
    • d) All of the above
15. Q6 The Statutory auditor of a Government Company submits his report to
    • a) The Board of Directors of the Company
    • b) The CAG
    • d) The company secretary
16. Q7 For the purpose of tax audit, legal consulting is held to be a
    • a) profession
    • b) business
    • d) None
17. Q8 Audit taken up after end of accounting year is called as
    • a) Periodic audit
    • b) Continuous audit
    • C) Performance audit
    • d) None
18. Q4 B) State whether the following statements are true or false: 7 marks
    • a) Auditing of accounts is compulsory in a partnership firm,
    • b) Government audit functions as an investigation agency Concurrent audit is an audit conducted at regular intervals
    • d) The debtor confirmation should be returned to the client
    • e) Credit balances in overdrafts are shown by a bank as Demand Deposits
    • f) For the purpose of tax audit Courier service is held to be a profession
    • g) Tax audit of a company is conducted under S. 44AB of the Companies Act Q,4 Write short notes on any three of the following: 15
    • a) Concurrent Audit
    • b) Verification of Cash in Bank Audit
    • c) Audit of Hotel
    • d) Audit of a Firm
    • e) Audit of Creditors Ledger

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