Indira Gandhi National Open University (IGNOU) 2010-1st Year B.Com Elements of Auditing - Question Paper
No. of Printed Pages : 4 ECO-12
Term-End Examination June, 2010 ELECTIVE COURSE : COMMERCE
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ECO-12 : ELEMENTS OF AUDITING
No. of Printed Pages : 4 ECO-12
Maximum Marks : 50
Time : 2 hours
No. of Printed Pages : 4 ECO-12
(Weightage 70%)
Note : Attempt any five questions. All questions carry equal _marks.__
1. Define Auditing. Explain the advantages of an 2,8 auditing.
2. What do you mean by 'test checking' ? State the 4,6 precautions to be taken by an auditor in this regard.
3. Distinguish between verification and valuation of 4,6 assets. As an auditor how would you verify goodwill and contingent liabilities ?
4. What are the objectives of vouching ? How would
you vouch the following ? 2,4,4
(a) Payment of wages.
(b) Sale of investments.
5. What are the essential qualifications of a company 5,5 auditor ? How can an auditor be removed from a company ? Explain briefly.
6. How will you conduct first audit of a company ? 10 Explain the steps.
7. Define divisible profits. Can dividends be paid 4 out of capital profits ? Explain briefly.
8. What is cost audit ? State its main objectives. 3,7
9. Write short notes on any two of the following : 5,5
(a) Audit working papers
(b) Requisites of a good internal control system
(c) Appointment of a company auditor
(d) MAOCARO
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ECO-12 4
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