Goa Board Class 12 Question Paper June 2018 Principles and Practice of Auding

*V222N05* 2018 VI 138 III 12 1430 Seat No. : Time : 2 Hours PRINCIPLES AND PRACTICE OF AUDITING Subject Code 8 Total No. of Questions : 5 (Printed Pages : 2) Maximum Marks : 50 INSTRUCTIONS : i) Answer each question on a fresh page. ii) Write the number of each question and sub-question clearly. iii) All questions are compulsory. iv) Figures to the right indicate full marks. 1. A) Complete the following statement by choosing the correct option given below : [1] Commission charged by bank as bank charges should be examined with ______________
Pay-in-slip
Loan Agreement
Salesmen report
Bank Pass Book B) Answer the following in a word, phrase or figure : A method of committing fraud in connection with the receipt of cash from debtors. [1] C) Discuss in three points the procedure to vouch the ‘Loan taken’. [3] D) Explain in five points the internal check system as regards to cash. [5] OR Explain the procedure as regards to ‘Purchase of Investment in five points. 2. A) Complete the following statement by choosing the correct option given below : A receipt is an example of ______________ [1] Voucher
Vouching
Verification
Valuation
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*V222N05* B) Answer the following in a word, phrase or figure : [1] Name the account to which profit on sale of fixed asset is credited. C) Suggest any three points as regards to Internal check system of ‘Credit Purchases’. [3] D) Discuss any five duties of an auditor with regard to ‘Payment of Wages’. [5] OR As an auditor, how would you vouch Income from Interest and Dividend ? Write five points. 3. A) Answer the following in one sentence : [1] What is meant by verification of Assets and Liabilities ? B) Answer the following in a word, phrase or figure. [1] Write one example of floating assets. C) Explain in three points the procedure of Internal Check regarding ‘Credit Sales’. [3] D) Enumerate in five points the auditors position as regards to ‘valuation of assets’. [5] 4. A) Answer the following in a word, phrase or figure : [1] State one example of ‘Contingent Liability’. B) Suggest any two points of verification of ‘Cash at Bank’. [2] C) State any two points of valuation of ‘Plant and Machinery’. [2] D) Explain in two points how the outstanding expenses should be verified. [2] E) Suggest in three points the auditors position regarding verification and valuation of ‘Patent Rights’. [3] 5. A) Answer the following in one sentence : [1] What is EDP system in Auditing ? B) Write any two circumstances under which auditor issues unqualified report. [2] C) Distinguish between audit report and audit certificate with regard to meaning and scope of verification. [2] D) State any four essentials of a good audit report. [2] E) What are the disadvantages of EDP system in auditing ? Write three points. [3] ———————— V-222 -2-