Question
Ram and Shyam are partners in completing a project. Ram
can finish the project in 42 days, while Shyam can complete it in 54 days. Both began the project together, but Ram had to stop after 21 days, leaving Shyam to finish the project by himself. How many days did it take to complete the entire project?Solution
Let total work = 378 units (LCM of 42 and 54) Amount of work done by Ram in one day = 378/42 = 9 units Amount of work done by Shyam in one day = 378/54 = 7 units Amount of work done by Ram and Shyam together in 21 days = 21 × 16 = 336 units Time taken by Shyam to complete the remaining work = (378 – 336)/7 = 6 days Total time = 21 + 6 = 27 days
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:
