A Trial Balance will not disclose which error? MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
Which of the following is a type of audit risk?
Correct Answer: Option B
Explanation:
Audit risk comprises Inherent Risk, Control Risk, and Detection Risk, which together determine the overall risk of an incorrect audit opinion.
Audit risk comprises Inherent Risk, Control Risk, and Detection Risk, which together determine the overall risk of an incorrect audit opinion.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
The 'Transaction Price' under Ind AS 115 includes:
Correct Answer: Option B
Explanation:
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
A and B are partners. A draws ₹5,000 at the beginning of each month. Interest on drawings @ 12% p.a. for the year will be:
Correct Answer: Option B
Explanation:
If drawings are made in the beginning of every month, average period = (12+1)/2 = 6.5 months. Total drawings = 5000*12 = 60,000. Interest = 60,000 * 12% * 6.5/12 = 60000 * 0.12 * 0.54167 = ₹3,900.
If drawings are made in the beginning of every month, average period = (12+1)/2 = 6.5 months. Total drawings = 5000*12 = 60,000. Interest = 60,000 * 12% * 6.5/12 = 60000 * 0.12 * 0.54167 = ₹3,900.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!