Question
If Selling Price is 9 per unit, variable cost is 5 per
unit and fixed cost is 100000, what is the Margin of safety in Qty if the budgeted units are 1,00,000.Solution
BE Qty = Fixed Cost/ Contribution per unit = 100000/4 = 25000 units and MOS = 100000 – 25000 = 75000 units.
Which of the following is a primary objective of auditing?
An auditor's sample for test of controls is least likely to be designed to:
Which of the following is an example of an inherent limitation of an audit?
The risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated is known as:
Why must auditors obtain an understanding of internal control even if they do not intend to rely on it?
An audit conducted between two annual audits is known as a:
Which balance is least suited to positive confirmation?
Which auditing standard outlines the auditor's responsibilities relating to fraud in an audit of financial statements?
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
Which of the following financial statements can be prepared using a receipt and payment account?
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