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Question 1 Which of the following statements is NOT true? Companies listed on stock exchange are required to have an independent audit every year but there are exemptions for small and medium sized companies The external auditor reports to the management if the financial statements are true and fair" The external audit increases the reliability of the financial statements of the company The independent audit opinion has to define responsibilities of the management and the auditor a. b. c. d. [2 marks] Question 2 The company bought a printing machine last year at a cost of 10,000. It plans to use it for 4 years and estimates that it will be able to sell it at the end of year 4 for 2,000. The company uses a straight line deprecation method. What is the depreciation charge in year 2? a. 2,500 b. 2,000 C. 1,500 d. 500 12 marks] Question 3 Company A owns 65% of Company B. What is the relationship of Company A to Company B? a. Parent company b. Subsidiary C. Associate d. Consolidation company [2 marks]