Which one of the following best describes the purpose of an external audit of financial statements?

• A.The auditor expresses an opinion on corporate governance issues.
• B.The auditor checks the statements for evidence of fraud.
• C.The auditor advises on the use of International Financial Reporting Standards.
• D.The auditor expresses an opinion on the truth and fairness of the financial statements.

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Which one of the following would not contribute to the prevention and detection of fraud?

• A.Segregating the duties of staff
• B.Appointing a single well-qualified person to maintain the ledger accounts
• C.Conducting an audit
• D.Insisting that staff take holidays

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Which one of the following is not an example of an intangible asset?

• A.Research and Development costs
• B.Patents
• C.Trademarks
• D.Royalties

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Under the normal convention of accounting, assets are shown in the balance sheet at:

• A.Their cost value
• B.The current cost to the firm of replacing them
• C.Their economic value to the firm
• D.Their current market value

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In which section of the statement of cash flow would cash from share issues be included? Select one of the following Statement of cash How for the year ended.......

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