Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2:
Q1: Which of the following are the techniques available as a substantive analytical procedures? 1. Reasonableness test 2. Ratio analysis 3. Trend analysis 4. Assertion a- 1and 3 only b-1 and 2 only c-1,2, and 3 only d- 1,2,3,and 4 only Q2:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q1: Which of the following are the techniques available as a substantive analytical procedures?
1. Reasonableness test
2. Ratio analysis
3. Trend analysis
4. Assertion
a- 1and 3 only
b-1 and 2 only
c-1,2, and 3 only
d- 1,2,3,and 4 only
Q2: Which of the following is normally the most reliable source of audit evidence?
a- Banker’s statements
b- Minutes of Board Meeting
c- Oral confirmation from the management.
d- Internal audit reports of the company
Q3: Benefits of planning in the audit of financial statements are:
1. to develop appropriate attention to important areas of the audit.
2. To identify and resolve potential problems on a timely basis.
3. Assisting in the selection of engagement team members with appropriate level of capabilities.
a- 2 only
b- 1,2, and 3 only
c- 1 only
d- 2 and 3 only
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