Financial audit is conducted mainly to: MCQ with Answer and Explanation
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Question #1
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Under Ind AS 2, which of the following costs are excluded from the cost of inventory and recognized as expenses in the period they are incurred?
Correct Answer: Option A
Explanation:
Ind AS 2 explicitly excludes abnormal waste, storage costs (unless necessary in the production process), administrative overheads not contributing to bringing inventories to their present location/condition, and selling costs from inventory cost.
Ind AS 2 explicitly excludes abnormal waste, storage costs (unless necessary in the production process), administrative overheads not contributing to bringing inventories to their present location/condition, and selling costs from inventory cost.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Angel Tax' exemption for startups was enhanced to include investments up to:
Correct Answer: Option A
Explanation:
Eligible startups can receive angel investments up to ₹25 crore without angel tax.
Eligible startups can receive angel investments up to ₹25 crore without angel tax.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Social Accounting relies on capturing a firm's impact on its environment. Which standard is widely used globally for such reporting?
Correct Answer: Option B
Explanation:
GRI provides the most widely used comprehensive framework globally for sustainability and social impact reporting.
GRI provides the most widely used comprehensive framework globally for sustainability and social impact reporting.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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