Question
Rs.13000 was invested for 2 years in scheme A which
offers compound interest at 10% per annum. What approximate interest earned on investing the amount obtained from scheme A again in the same scheme for 2 years.Solution
R= 10%Â Time = 2 yr. (Compound interest) Total interest (Rate%) = 10+10+(10Ă—10)/100 =21% amount obtained from scheme A = 13000 Ă—(121/100) Interest at earned on investing the amount obtained from scheme A again in the same scheme for 2 years = 13000 Ă—(121/100) Ă— (21/100) = Rs. 3303.30
Which of the following is a primary objective of auditing?
A sale of Rs. 25,000 to A was entered as a sale to B. This is an example of _
Which of the following best describes analytical procedures as per SA 520?
Client has breached debt covenants; lender issued waiver valid for 9 months after balance sheet date. Auditor notes liquidity support from group company...
Process of verifying the documentary evidences of transactions are known as:
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
An auditor notices that a bank’s internal controls over loan approvals are weak, but substantive testing of balances shows no material misstatements. ...
________ the audit risks _________ the materiality and _______ the audit effort
Which of the following constitutes the most reliable audit evidence?
Late-year reinsurance treaties significantly reduce reported loss ratio. Which step is most relevant to fraud risk of “window dressing”?
Relevant for Exams:
