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CA Foundation Accounting Concepts — practice questions — page 4

Explore 98 free Accounting Concepts questions in CA Foundation Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Accounting Concepts questions and exercises with answers

Showing questions 91–98 of 98.

Which accounting field aims to give an independent opinion on financial statements?Read the answer and worked solution →An intentional misstatement in accounting records involving deception isRead the answer and worked solution →Preventing and detecting fraud is primarily the duty ofRead the answer and worked solution →The Sarbanes-Oxley Act of 2002 followed the admissions of fraud atRead the answer and worked solution →Which audit firm was dissolved after the Enron scandal?Read the answer and worked solution →Management accounting also covers future-oriented items such asRead the answer and worked solution →Financial statements published after the period ends are mainlyRead the answer and worked solution →Forensic accounting engagements arise fromRead the answer and worked solution →

Worked practice questions

Which accounting field aims to give an independent opinion on financial statements?

  1. Forensic accounting
  2. Management accounting
  3. Statutory auditing
  4. Cost accounting
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Correct answer: C. Statutory auditing

An audit examines the statements to express or disclaim an independent opinion on their fairness.

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An intentional misstatement in accounting records involving deception is

  1. an accounting error
  2. a prior period item
  3. a change in estimate
  4. accounting fraud
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Correct answer: D. accounting fraud

Intent and deception separate fraud from error.

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Preventing and detecting fraud is primarily the duty of

  1. the external auditor
  2. the entity's management
  3. the tax authority
  4. the standard-setting body
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Correct answer: B. the entity's management

Management, not the auditor, bears the main duty for preventing and detecting fraud and error.

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