Senior Auditor Past Paper 2019

Q31: Puget Sound Co. sold marketable securities costing $80,000 for $92,000 cash. In the company’s income statement and statement of cash flows, respectively, this will appear as _____?

A $92,000 sale and a $92,000 cash receipt.

A $12,000 gain and an $80,000 cash receipt.

A $12,000 gain and a $92,000 cash receipt.

None of these

Q32: External users of financial accounting information include all of the following except?

مالی اکاؤنٹنگ کی معلومات کے بیرونی صارفین میں سوائے اس کے کہ سوائے سبھی شامل ہیں؟

General public

Lenders

Line managers

None of these

Q33: Which of the following is a complex sentence? He would walk down the long, frosty, moonlit lane., During watching the movie, she decided that a walk to the park would refresh her., The sky became quickly dark and the weather looked as if it would rain., None of these.

He would walk down the long, frosty, moonlit lane.

During watching the movie, she decided that a walk to the park would refresh her.

The sky became quickly dark and the weather looked as if it would rain.

None of these.

Q34: My holiday in the UK gave me a great _____ to know their social structure.

Hope

Occasion

Chance

None of these

Q35: The title of AASÂ2 issued by Council of ICAI is ________?

Objective and Scope of Financial Statements Audit

Objective and Scope of the Financial Statements

Objective and Scope of the Audit of Financial Statements

None of these

Q36: Which of the following best describes the application of generally accepted accounting principles to the valuation of accounts receivable?

مندرجہ ذیل میں سے کون سے قابل وصول اکاؤنٹس کی تشخیص کے لئے عام طور پر قبول شدہ اکاؤنٹنگ اصولوں کے اطلاق کی وضاحت کرتا ہے؟

Matching principle — The loss due to an uncollectible account is recognized in the period in which the sale is made, not in the period in which the account receivable is determined to be worthless.

Realization principle — Accounts receivable are shown at their net realizable value in the balance sheet.

Cost principle — Accounts receivable are shown at the initial cost of the merchandise to customers, less the cost the seller must pay to cover uncollectible accounts.

None of these

Q37: An educated person is never _____ complainatory.

So

Too

Such

None of these

Q38: A favorable overhead spending variance means that _____?

ایک سازگار اوور ہیڈ اخراجات میں فرق کا مطلب ہے کہ _____؟

Actual overhead costs were less than the budgeted overhead costs. has been under applied

Overhead has been under applied

Actual production was less than the normal volume of output

None of these

Q39: _____ you like feeding wild birds?

دنیا کی سب سے لمبی سڑک ٹنل کس ملک میں ہے؟

Do

Are

A

None of these

Q40: She _____ her office by bus.

Goes always

Goes

Always go

None of these