(A) Profit making entity

(B) Non-profit making entity

(C) Corporate entity only

(D) Any entity

(A) Risk of incorrect rejection
(B) Risk of incorrect acceptance
(C) Risk of over reliance
(D) Both B and C

(A) The Auditor
(B) Auditor’s assistants
(C) Both A and B
(D) None of these

(A) Internally by employee
(B) Externally by certified public accountant
(C) Both A and B
(D) None of these

(A) Continuous Audit
(B) Internal Audit
(C) External Audit
(D) All of above

(A)The auditor must ensure financial statements are adjusted for detected errors.
(B) He must communicate it to the management of organisation if it is material.
(C) He should not inform the management
(D) Both A and B

(A) credit purchase
(B) credit sale
(C) purchase return
(D) sale return