Senior Auditor Test Sample Paper 2

Senior Auditor Test Sample Paper page 2

21. The expected disposal value of the asset (after deducting disposal costs) at the end of its expected useful life is called
(A) residual value
(B) net book value
(C) depreciation
(D) substance over form

22. The figure that appears in the statement of financial position, after the depreciation, is known as
(A) depreciation
(B) substance over form
(C) residual value
(D) net book value

23. Which from the following asset is NOT depreciated?
I. Advances
II. Land
III. Machinery
(A) I only
(B) II only
(C) I and II
(D) II and III

24. Depreciation is normally charged as
(A) payable
(B) receivable
(C) expenses
(D) advances

25. A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement (or balance sheet) at the end of Year-2?
(A) $75,000
(B) $60,000
(C) $30,000
(D) $15,000

26. All procurement opportunities over _______ rupees should be advertised in the newspaper.
(A) 0.5 million
(B) 1.5 million
(C) 1.5 million
(D) 2.0 million

27. The procurement opportunities over two million rupees should be advertised in at least _______ newspaper(s).
(A) one
(B) two
(C) three
(D) four

28. The principal method for the procurement of goods, services and works is
(A) open competitive bidding
(B) close competitive bidding
(C) FIFO
(D) LIFO

29. The bidder with the _______ evaluated bid shall be awarded the procurement contract.
(A) highest
(B) lowest
(C) average
(D) zero variance

30. Where needed the procuring agency shall require the successful bidder to furnish a performance guarantee which shall not exceed _______ of the contract amount.
(A) 5%
(B) 7.5%
(C) 10%
(D) 12.5%

31. The bids for procurement opportunities shall be submitted in a/an _______ package or packages.
(A) open
(B) sealed
(C) transparent
(D) none of these

32. Where the procuring agency require the bidders to furnish a bid security, the bid security should not exceed _______ of the bid price.
(A) 5.0%
(B) 7.5%
(C) 10.0%
(D) 12.5%

33. All bids shall be opened
(A) randomly
(B) privately
(C) secretly
(D) publicly

34. There are _____ procedures of open competitive bidding.
(A) 2
(B) 3
(C) 4
(D) 5

35. The main open competitive bidding procedure is
(A) single stage one envelope bidding
(B) single stage two envelope procedure
(C) two stage bidding procedure
(D) two stage two envelope bidding procedure

36. Where alternative technical proposals are possible, the bidding process used is
(A) single stage one envelope procedure
(B) single stage two envelope procedure
(C) two stage bidding procedure
(D) two stage two envelope bidding procedure

37. Where the bids are to be evaluated on technical and financial grounds and price is taken into account after technical evaluation, the bidding process used is
(A) single stage one envelope procedure
(B) single stage two envelope procedure
(C) two stage bidding procedure
(D) two stage two envelope bidding procedure

38. In large and complex contracts where technically unequal proposals are likely to be encountered, or there are two or more equally acceptable technical solutions available to the procuring agency, the bidding process used is
(A) single stage one envelope procedure
(B) single stage two envelope procedure
(C) two stage bidding procedure
(D) two stage two envelope bidding procedure

39. Any bidder feeling aggrieved by any act of the procuring agency may lodge a written complaint concerning his grievances not later than _______ days after the announcement of the bid evaluation report.
(A) 7
(B) 10
(C) 15
(D) 30

40. The committee shall investigate and decide upon the complaint within _______ days of the receipt of the complaint.
(A) 15
(B) 30
(C) 45
(D) 60