Question
When an auditor is satisfied with the fairness of the
balance sheet and profit and loss account, which of the following audit report is submitted by him/her? Refer to the following information to answer the next 4 questions (Q17 to Q20) The word Audit is derived from Latin word “Audire” which means ‘to hear’. Auditing is the systematic examination of financial statements, records and related operations to determine adherence to generally accepted accounting principles, management policies and stated requirement. Importance of auditing can be judged from the fact that even those organizations which are not covered by Companies Act get their financial statements audited. It has become a necessity for every commercial and even non- commercial organization. A company appoints an auditor who submits his opinion on the truthfulness and fairness of the financial performance and position of the company. An auditor’s Report is the format of result of all the effort that goes into the audit. Communicating the Auditor’s findings to interested users is part of all audits. Thus, the Final phase of an Audit involves preparing that communication, which is known as auditor’s report.Solution
Unqualified/ Clean/ Fair report: When an auditor is satisfied with the fairness of the balance sheet and profit and loss account, he will give a clean report. When the auditor makes various statutory affirmations without reservations, he is said to have the given an unqualified report on financial statements of the company.
Statement:
Only a few Y are Z
No Y is X
No Z is V
Conclusion:
I. Some Y are not Z
II. Some X are V
...Three statements are given followed by two conclusions numbered I & II. Assuming the statements to be true, even if they seem to be at variance with co...
Statements:
No subject is predicate.
All predicate is vowel.
Only a few vowel is preposition.
Conclusions:
I. No vowe...
Statements:
Only Riot are Racism.
Some Riot are Culture.
All Culture are Tradition.
Conclusion:
I. All Riot are Tradi...
Statements: All males are females.
All females are men.
No man is a woman.
All women are Girl...
Statements:
No watch is mobile
Some phones are shoes
All shoes are watch
Conclusion:
I. Some phones are not mob...
In the question below some statements are given followed by three conclusions I, II and III. You have to take the given statements to be true even if ...
Statement:
Some A are not B
All A are C
Conclusion: <...
Statements:
Only a few A are B.
No B is C.
All C are Z.
Conclusions:
I. Some A can be B.
II. Some C can...
Which of the following statement is/are correct regarding T?
