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Please answer All Q 14,15,16,17 fastly Which one of the following is true about secret reserves? Question 14 Not yet answered Marked out of 1.00
Please answer All Q 14,15,16,17 fastly
Which one of the following is true about secret reserves? Question 14 Not yet answered Marked out of 1.00 Flag question Secret reserves are disclosed to the shareholders and the government only Secret reserves are the reserves that are not shown in the balance sheet Secret reserves get accumulated unintentionally and not related to the actual profit Secret reserves represent the amount by which the assets of an organization are overstated or its liabilities are understated Question 15 You are the auditor of Al Arab Construction Company. According to you, which one of the following is the material misstatement in the financial statements of the company for the year 2020? Not yet answered Marked out of 100 Office maintenance expenses for the month June 2020 was wrongly stated as OMR 3500 instead of OMR 3550 Depreciation of the company for the year was stated as OMR 12000 but the actual deprecation was OMR 6500 Wages paid to the security guard of the company in the month July, 2020 was wrongly stated as OMR 320 which was actually OMR 350 Stationary purchased for the month June 2020 was OMR 470 but it was mentioned in the accounting records as OMR 490 Question 16 The premise that SA 200 explains relates to: Not yet answered Marked out of 1.00 Flag question The responsibilities of management to prepare the financial statements according to SA The responsibilities of shareholders to the financial statements The responsibilities of internal auditor to the financial statements according to SA The responsibilities of auditor to give opinion about the financial statements Question 17 Not yet answered Marked out of 100 Which one of the following audit objective is concerned with whether the transactions included in the account are recorded in the proper period Flag question Validity objective Cutoff objective Disclosure objective Completeness objective Step by Step Solution
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