LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Com. DEGREE EXAMINATION – CORPORATE SEC.
FIFTH SEMESTER – APRIL 2011
BC 5401 – AUDITING
Date : 25-04-2011 Dept. No. Max. : 100 Marks
Time : 9:00 – 12:00
SECTION – A
(Answer all the Questions) 10 X 2 = 20
- Define Interim Audit.
- Define Audit Programme.
- What is meant by Internal Check?
- What are the two types of Internal Control?
- Give the objectives of vouching Cash Book.
- Brief about the two types of Contingent Liabilities.
- State the objectives of Verification of Assets.
- What do you mean by Working Papers?
- Give any four examples of Capital Reserve.
- What do you mean by Basket Purchases?
SECTION – B
(Answer any 5 Questions) 5 X 8 = 40
- Define Audit Note Book and list out the contents of Audit Note Book.
- Give a system of internal check for Petty Cash Payments.
- How do you vouch the following:-
- Prepaid Insurance; b) Prepaid Rent;
- c) Accrued Interest; d) Contingent Asset.
- Bring out the Advantages and Disadvantages of Test Checking.
- What do you mean by Teeming & Lading. How to detect Teeming & Lading?
- Differentiate between
- General Reserve and Specific Reserve;
- Provisions and Reserves
- Explain the concept of Internal Control System and its characteristics.
- How do you verify and value the following:-
- Freehold Land;
- Leasehold Land.
SECTION – C
(Answer any 2 Questions) 2 X 20 = 40
- Explain in detail the procedure for vouching the Receipts side and Payments side of Cash Book.
- What is the duty of an auditor with regard to verifying and valuing Stock of Raw Material, Work-in-progress and Finished Goods?
- a) Bring out the difference between Capital Expenditure & Revenue Expenditure.
- What do you mean by Capital Reserve? Write a brief note the creation and utilisation of Capital Reserve.