Loyola College B.Com Corporate & Secretaryship Nov 2006 Auditing Question Paper PDF Download

             LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034  B.Com DEGREE EXAMINATION – CORPORATE & SECRETARYSHIP

AV 05

FIFTH SEMESTER – NOV 2006

         CR 5401 – AUDITING

(Also equivalent to COS 401)

 

 

Date & Time : 06-11-2006/9.00-12.00         Dept. No.                                                       Max. : 100 Marks

SECTION – A

ANSWER ALL THE QUESTIONS                                                                         (10×2=20)

 

  1. Define “Auditing”
  2. What is meant by reserve for bad debts?
  3. In what cases is continuous audit suitable?
  4. What is meant by internal control?
  5. List any two precautions to be taken while applying test checks.
  6. What do the term “goods sold on sale – or – return system” mean?
  7. Write down the different kinds of vouchers used in a business.
  8. Distinguish between internal check and internal audit.
  9. Define the term “verification of assets”
  10. Explain “errors of principle” with an example.

SECTION – B

ANSWER ANY FIVE QUESTIONS                                                          (5×8=40)

 

  1. Explain any two types of audit with its advantages.
  2. What is meant by the term “teeming and lading?” How do you detect it?
  3. Describe a system of internal check with regard to cash sales.
  4. How would you verify the following assets: a) Property b) patent rights and trademarks.
  5. Can a good internal check system reduce the liability of an auditor?
  6. Distinguish between “sinking fund for the redemption of a liability” and “sinking fund for the redemption of an asset”.
  7. Write short notes on   a) Deferred revenue expenditure  b) working papers.
  8. “Vouching is the essence of auditing” – Discuss.

SECTION – C

ANSWER ANY TWO QUESTIONS                                                          (2×20=40)

 

  1. What is an Audit programme? Give its advantages and disadvantages.
  2. Explain the auditor’s duties regarding vouching the items of payment side of cashbook.
  3. What is secret reserve? How it is created? Explain the duty of an auditor in connection with the secret reserve.

 

 

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