651.Purchases returns should be vouched with the help of
A.Bought Notes
B.Credit Notes
C.Goods inward Book
D.Cash Book

652.Object of verification of assets
A.Physical verification of assets
B.Checking value of assets
C.Examining the authority of their acquisition
D.All of the above

653.Valuation of Fixed Assets is based on the concept
A.Going concern
B.Conservation
C.Money measurement
D.Dual aspect

654.Valuation means
A.Calculating value of assets
B.Checking the value of assets
C.Checking the physical existence of assets
D.Examining the authenticity of assets

655. Auditor is not valuer” was stated in
A.Kingston Cotton Mills case
B.London & General Bank case
C.Lee .V . Neuchatel Co. Ltd case
D.London oil Storage Co. case

656.Fixed assets are valued at
A.Cost
B.Market price
C.Cost price or market price whichever is less
D.Cost less depreciation

657.The scope of work of internal audit is decided by the
A.Share holders
B.Management
C.To improve financial control
D.All of the above

658.Outstanding expenses should be verified with the help of
A.Cash book
B.Balance book
C.Journal proper
D.None of the above

659.Book debts should be verified with the help of
A.Balance sheet
B.Amount received from Debtors
C.Debtors schedule
D.Certificate from the management

660.Investments in hand should be verified with the help of
A.Schedule of investments
B.Balance sheet
C.Inspection of securities
D.Certificate from the bank

NOTE
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