Can anyone answer the following question.

1.Which of the following best explains an effective internal control system over payroll?

a.Each employee should be asked to collect his own pay slip.

b.Unclaimed pay slip should be held by the payroll clerk.

c.The payroll clerk should compute the net wages and salaries for the employees.

d.A separate bank account for payroll should be maintained.

2.An auditor would obtain most assurance on the existence of inventories by

a.confirming inventories in a public warehouse.

b.recomputing inventories extensions.

c.observing physical inventory counts.

d.requesting written inventory representations from the management.

3.Inquiries of warehouse personnel concerning possible obsolete or slow-moving stock will provide assurance about management assertion of

a.completeness.

b.existence.

c.presentation.

d.valuation.

4.During the observation of the inventory count, the auditor has no responsibility to

a.observe the counting of the inventories by the client personnel.

b.make some test counts of inventories quantities.

c.supervise the counting of inventory.

d.watch out for the client's treatment for damaged and obsolete inventories.

5.Which of the following audit procedures would be least likely to lead the auditor to find unrecorded fixed asset disposals?

a.Examination of insurance policies.

b.Review of repairs and maintenance account.

c.Review of real property gain tax files.

d.Read the minutes of the board of directors' meetings.

6.Which of the following best describes the independent auditor's approach to obtain satisfaction concerning depreciation expense in the income statement?

a.Verify the mathematical accuracy of the depreciation expense charged to income.

b.Determine the method for computing depreciation expense, and ascertain that it is in accordance with the approved accounting standards.

c.Verify depreciation expense as part of tests of controls.

d.Establish the basis for depreciable assets and verify the depreciation expense followed a consistent depreciation policy.

7.On 30 December 2019, your client had erroneously recorded an account payable voucher for payment to a creditor using interbank transfer (Dr Cash, Cr Account Payable). The cheque for the transfer was then drawn on 3 January 2020. The error resulted in overstatement of cash and account payable as at 31 December 2019.

Which of the following is the least effective procedure in disclosing the above error?

a.Review of bank reconciliation statement as at 31 December 2019.

b.Review of cheque register for the month of December 2019.

c.Review of schedule of creditors as at 31 December 2019.

d.Review of schedule of interbank transfer for the month of December 2019.

8.Which of the following procedures would be least effective in auditing long-term liabilities?

a.Reviewing the bank's confirmation letter.

b.Reading the minutes of the board of directors.

c.Examining customer's confirmation replies.

d.Vouch the recording in general ledger against the loan agreement.

9.Travel and entertainment expenses are exposed to risk of fraud such as

i multiple reimbursements.

ii. split expenses.

iii. fictitious claim.

iv. understated expenses.

a.i and ii only

b.i, ii and iii only.

c.i, iii and iv only.

d.All of the above.

10.In testing the occurrence assertion for repair and maintenance account, an auditor normally starts from

a.the supporting evidence to the repair and maintenance bills.

b.the repair and maintenance bills to the supporting evidence.

c.the repair and maintenance account to the potentially unrecorded bills.

d.the potentially unrecorded bills to the income statement.