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Introduction to Auditing: Financial Statements and Users

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Introduction to Auditing: Financial Statements and Users

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Questions and Answers

Which type of error occurs due to wrong allocation between capital and revenue expenditure?

Errors of Principle (correct)

Compensating Errors

Clerical Errors

Error of Omission

What type of error is committed by not recording a transaction either in the book of original entry or in the ledger book?

Clerical Errors

Compensating Errors

Error of Omission (correct)

Errors of Principle

What are errors of duplication primarily caused by?

Double posting of a transaction from journal to ledger (correct)

Wrong allocation between capital and revenue expenditure

Errors committed while recording or posting a transaction

Posting wrong amounts

What is the term for two or more errors which mutually compensate the effects of one another?

Compensating Errors Signup and view all the answers

What is the term for errors committed while recording or posting a transaction, such as posting wrong amounts or posting on the wrong side?

Error of Commission Signup and view all the answers

What is the primary objective of auditing?

To express an opinion on the true and fair view of the financial position and results Signup and view all the answers

According to Prof. L.R. Dicksee, how does he define auditing?

An examination of accounting records to correctly and completely reflect transactions Signup and view all the answers

What are the secondary/Incidental objects of auditing?

Examination of internal controls to avoid errors and frauds Signup and view all the answers

What is the definition of auditing according to International Auditing Guidelines?

An independent examination of financial information with a view to expressing an opinion Signup and view all the answers

What are the different types of errors in accounting?

Errors of Principle, Casting Error, Compensating Error, Posting Error Signup and view all the answers