ACC311 final term past papers 2023

ACC311 past paper for final term preparation. Here, some MCQs are shared to prepare for final term exam. These are most repeated questions ACC311 objective. By reading the given MCQs, you will come to know the question type asked in final term ACC311.

OBJECTIVE

  1. While preparing the audit report an auditor should follow the auditing standard for minimizing the audit risk, highlight the correct standard.
    1. ISA 315
    1. ISA 316(correct)
    1. ISA 317
    1. ISA 318
  2. Which one of the following is TRUE about Internal Control Questionaire (ICQ)?
    1. It comprises a list of internal controls in existence
    1. It highlights growth opportunities for a company
    1. It helps to identify earning trend of a company
    1. It used in small company audits (correct)
  3. To provide a reliable audit report, an auditor preferably must have a proper understanding of:
    1. Entity and its overall environment
    (Correct)
    1. Entity and its marketing environment
    1. Entity and its production environment
    1. Entity and its workplace environment
  4. Which one of the following is NOT a matter related to the financing activities that an auditor considers during understanding entity and its environment?
    1. Debt financing
    1. Equity financing
    1. Beneficial owners (i.e. local or foreign)
    1. Financial statements presentation and disclosure (correct)
  5. Which one of the following is NOT the type of Auditor’s Liabilities?
    1. Accounting liabilities
    1. Civil liabilities
    1. Criminal liabilities
    (Correct)
    1. Liabilities for misfeasance
  6. The appointment of first auditor is responsibility of the comoany, the company is bound to do so according to Clause of Law:
    1. 250
    1. 251
    1. 252
    1. 253 (CORRECT)
  7. Which one of the following approaches is primarily used by the auditor to perform extensive substantive testing?
    1. Systems audit approach
    1. verification approach
    1. Diversification approach
    1. Standardized approach
  8. The management is forced to adopt the Auditing process for avoiding the factors exists in financial statements EXCEPT?
    1. Errors & Frauds
    1. Inadvertently or deliberately misleadingInformation
    1. showing company’s current position
    1. Unable to disclosed relevant information

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