ACC311- Fundamentals of Auditing

FINALTERM EXAMINATION
Spring 2009
ACC311- Fundamentals of Auditing (Session - 1)
Marks: 81
Question No: 1 ( Marks: 1 ) - Please choose one
Which one of the following is an objective of the internal audit?
To report on financial statements
To check accounting system and internal control are operating efficiently
To determine the accuracy of financial statement values and disclosures
To establish a control system in the company
Question No: 2 ( Marks: 1 ) - Please choose one
Which one of the following statements is NOT correct in respect of the internal auditor?
The scope of audit performed by internal auditors is primarily in respect of financial
report audits
An internal auditor does not require a license to practice
Internal auditors are usually employed by companies and government units
Primary responsibility of the internal auditor is to the board of directors
Question No: 3 ( Marks: 1 ) - Please choose one
After how many days the Securities and Exchange Commission
may appoint the auditors, if the
Directors of a company could not appoint the auditors to fill casual vacancy? (Companies Ordinance,
1984)

30 days
60 days
80 days
120 days
Question No: 4 ( Marks: 1 ) - Please choose one
Suppose that during audit of a company, an auditor accepted the schedule of bad debts furnished
by the client, though it was apparent that debts were not recoverable. The auditor shall be held
liable for which one of the following liabilities?
Liability for negligence
Liability for misfeasance
Criminal liability
Personal liability
Question No: 5 ( Marks: 1 ) - Please choose one
The books of accounts of a company should be kept at which one of the following offices?
(Companies Ordinance, 1984)
Registered office of the company
Accounts office of the company
Record office of the company

Registrar office
Question No: 6 ( Marks: 1 ) - Please choose one
Which of the following is one of the most fundamental and effective internal controls?
Increased use of computers for recording accounting transactions
Increased reliance on internal auditors to monitor accounting systems
Segregation of incompatible duties across several people
Having internal auditors report only to the Board of Directors
Question No: 7 ( Marks: 1 ) - Please choose one
Which of the following is NOT a major component of an internal control system?
Risk assessment
Staffing
Control procedures/activities
Information and communication system
Question No: 8 ( Marks: 1 ) - Please choose one
An audit firm audited a Leather Manufacturing company and presented its report addressed to the
management. They found significant material misstatements in the company s internal controls
system. They strongly recommended that there should be sufficient controls in existence to ensure

management can effectively control the business operations. In your opinion, auditors are
emphasizing on which one of the following categories of SOAP MAPS?
Authorization
Management and Monitoring
Arithmetic and Accounting
Segregation of duties
Question No: 9 ( Marks: 1 ) - Please choose one
Which of the following statements best describes the purpose of an internal control questionnaire
(ICQ)?
An internal control questionnaire is a series of questions regarding accounting and control
policies and procedures that the auditor considers necessary to prevent all misstatements in the
financial report
An internal control questionnaire is a series of questions regarding accounting and control
policies and procedures that the auditor considers necessary to prevent material misstatements in
the financial report
An internal control questionnaire is a series of questions regarding accounting and control
policies and procedures that the auditor considers necessary to detect material misstatements in
the financial report
An internal control questionnaire is a series of questions prepared by the entity about the
entity's accounting and control policies and procedures for which the entity seeks guidance on
from the auditor in order to detect material misstatements in the financial report
Question No: 10 ( Marks: 1 ) - Please choose one
A Beverages company is being audited by an audit firm. Audit procedures are being undertaken
in all of its departments. During this, the audit team has to spend more time on physical

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CS101 Short Notes Lecture 23-45.....Download Attachment....

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CS 101 Introduction to Computing
Assignment # 01

Deadline

Your assignment must be uploaded / submitted before or on 29-04-2010.

Upload Instructions

Please view the assignment submission process document provided to you by the Virtual University to upload the assignment.

Rules for Marking

Please note that your assignment will not be graded if:



· It is submitted after due date

· The file you uploaded does not open

· The file you uploaded is copied from some one else

· It is in some format other than .doc

· Assignment submitted through email

Objective

The assignment has been designed to enable you:
Understanding of input/ output devices.
To know about the truth table.



Question No. 1
Ali is a manager in a multi-national organization. As part of his job, he needs to interact and provide updates of his work to the head office on regular basis, which input/output devices can he use to complete his daily tasks? (Marks 2)


Question No. 2

How WebPages are different from a website? (Marks 2)
Note: List down two most important differences in this regard.



Question No. 3

Prove right hand side equal to left hand site by using truth table
NOTE: Fill the given table and make sure the sequence of input remains same as it is given in the table below.

a. A B = AB’ + A’B (Marks 3)
b. BC’ = ABC’ + A’BC’ (Marks 3)

Question No. 3
Prove right hand side equal to left hand site by using truth table
NOTE: Fill the given table and make sure the sequence of input remains same as it is given in the table below.
a. A B = AB’ + A’B (Marks 3)
A B A B
AB’ A’B AB’ + A’B
0 0
0 1
1 0
1 1
b. BC’ = ABC’ + A’BC’ (Marks 3)
A B C BC’ ABC’ A’BC’ ABC’+A’BC’
0 0 0
0 0 1
0 1 0
0 1 1
1 0 0
1 0 1
1 1 0
1 1 1

solved mcqs

Assignment No. 01 Dated: Apr 21, 10

Dear Student,
Assignment No.1 has been uploaded. The Due Date is April 27, 2010. No assignment will be accepted after due date via email.

Information System (CS507)
Spring 2010
Assignment No. 1

Due Date:
Your assignment must be uploaded/submitted before or on 27th April 2010.

Max Marks: 20

Uploading instructions:
Please view the Assignment Submission Process document provided to you by the Virtual University for uploading assignments.

o The assignment should be in .doc format.
o Save your assignment with your ID (e.g. bx020200786.doc).
o The assignment submission through email is highly discouraged.

Rules for Marking:
It should be clear that your assignment will not get any credit if:

o The assignment is submitted after due date.
o The submitted assignment file is corrupted.
o The assignment is copied.
o The assignment material is directly copied from internet.

Note:
Your answer must follow the below given specifications. You will be assigned no marks if you do not follow these instructions.

• Font style: “Times New Roman”
• Font color: “Black”
• Font size: “12”
• Bold for heading only.
• Font in Italic is not allowed at all.


Q. 1: How can you describe information in its ideal form? Moreover how ideal information would help us regarding decision making in our routine activities?
(Marks: 10)

Q. 2: Identify and explain different decision making approaches.
(Marks: 10)

Sherry presents F.M Van Horne Twelfth Edition Complete Solutions Book.

Assalaam O Alaikum Sir Fareed. kindly help me in solving this question .


(a)Compute Mean, Median and Mode from the following data.

No. of students 1 2 3 5 6
f 15 10 5 15 5

(b)
A paint retailer has had numerous complaints from customers about under-filled paint cans. As a result retailer started to inspect the incoming shipments. A recent shipment contained 2,440 gallon-size cans. The retailer sampled 50 cans and weighted each on a scale capable of measuring weight up to four decimal places and properly filled cans weight 10 pounds.
Now for this problem
1. Describe a population
2. Describe a variable of interest
3. Describe the data type of variable
4. Describe a sample