391. Share may be issued _____________.
A. at par.
B. at premium.
C. at discount.
D. all the above.

392. The liabilities of an auditor can be _________.
A. Civil.
B. Criminal.
C. Civil and Criminal.
D. Official.

393. Balance sheet audit included verification of ________.
A. assets.
B. liabilities.
C. income and expenditure accounts where appropriate.
D. all of the above.

394. Special audit is necessary for _________.
A. inefficient concern.
B. processing concern.
C. trading concern.
D. manufacturing concern.

395. The first auditors appointed hold office ____________.
A. for a period of one year.
B. for a period of two years.
C. for a period of three years.
D. till the conclusion of the first annual general meeting.

396.Audit of company account is _____________.
A. compulsory.
B. unnecessary.
C. avoidable.
D. depends upon directors.

397. The companys auditor is expected to give _____________.
A. his expert opinion about the accounts.
B. a factual position about the accounts.
C. a critical review of the accounts.
D. financial assistance.

398. Internal auditor of a company must be _______________.
A. Cost accountant.
B. Chartered accountant.
C. ICWA.
D. need not possess any professional qualification.

399. Auditors of a joint stock company are appointed by ______________.
A. directors of the company.
B. annual general meeting.
C. election at the annual general meeting.
D. debenture holders.

400. A company auditor can be removed by _________________.
A. board of directors.
B. managing director.
C. any director.
D. general meeting.

NOTE
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