[Solved] While checking allotment auditor should see that amount

While checking allotment auditor should see that amount

a) Equal to estimated fixed capital is received

b) Equal to estimated working capital is received

c) Necessary for purchase of land & building has been received

d) None of the above

Answer: (d) Typically, auditors obtain evidence through inspection (of documents or tangible assets, for example), inquiries, observation, third-party confirmations, testing of selected transactions and other procedures.

More MCQ and Answers on Auditing

  1. Fixed assets are valued at
  2. Floating assets are valued at
  3. Outstanding expenses should be verified with the help of
  4. Book debts should be verified with the help of
  5. Book debts should be verified with the help of
  6. Main object of auditing is
  7. Propriety audit refers to
  8. Propriety is normally undertaken in case of
  9. Final audit implies
  10. Joint audit implies

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