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Business Studies

Modern Techniques of Managerial Control

The primary o...

Question

The primary objective of statutory auditing is to - (x) detect errors (y) prevent errors (z) express an opinion. The options are ____________.

A

(x) And (y)

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B

(z) only

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C

(y) Only

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D

(x),(y) and (z)

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Solution

The correct option is B (z) only
Main purpose or object of auditing is to find the opinion of an auditor about correctness and reliability of accounts and the financial position of the business concern.

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Similar questions

Q. In the given formula

A = \frac{x y}{\sqrt{z}}

. The percentage errors of measurements in

x, y

z

2 %, 3 %

1 %

respectively. What is the percentage error in quantity

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Q. PARAGRAPH
If the measurement errors in all the independent quantities are known, then it is possible to determine the error in any dependent quantity. This is done by the use of series expansion and truncating the expansion at the first power of the error. For example, consider the relation

z = x / y

. If the errors in

x, y

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Δ x, Δ y

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z \pm Δ z = \frac{x \pm Δ x}{y \pm Δ y} = \frac{x}{y} (1 \pm \frac{Δ x}{x}) {(1 \pm \frac{Δ y}{y})}^{- 1}

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The series expansion for

{(1 \pm \frac{Δ y}{y})}^{- 1}

, to first power in

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1 \mp (Δ y / y)

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The above derivation makes the assumption that

Δ x / x ≪ 1, Δ y / y ≪ 1

. Therefore, the higher powers of these quantities are neglected.

Consider the ratio

r = \frac{(1 - a)}{(1 + a)}

to be determined by measuring a dimensionless quantity

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A = \frac{x^{p}}{y^{q} z^{r}}

. The percentage errors in measurement of

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are 1 %, 0.5 % and 2% respectively. If

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then the maximum percentage error in A is

Q. PARAGRAPH
If the measurement errors in all the independent quantities are known, then it is possible to determine the error in any dependent quantity. This is done by the use of series expansion and truncating the expansion at the first power of the error. For example, consider the relation

z = x / y

. If the errors in

x, y

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Δ x, Δ y

Δ z

, respectively, then

z \pm Δ z = \frac{x \pm Δ x}{y \pm Δ y} = \frac{x}{y} (1 \pm \frac{Δ x}{x}) {(1 \pm \frac{Δ y}{y})}^{- 1}

.
The series expansion for

{(1 \pm \frac{Δ y}{y})}^{- 1}

, to first power in

Δ y / y

1 \mp (Δ y / y)

. The relative errors in independent variables are always added. So the error in

z

Δ z = z (\frac{Δ x}{x} + \frac{Δ y}{y})

.
The above derivation makes the assumption that

Δ x / x ≪ 1, Δ y / y ≪ 1

. Therefore, the higher powers of these quantities are neglected.

Consider the ratio

r = \frac{(1 - a)}{(1 + a)}

to be determined by measuring a dimensionless quantity

a

. If the error in the measurement of a is

Δ a (\frac{Δ a}{a} << 1)

, then what is the error

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Q. A physical quantity

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