In government accounting, the 'Appropriation Audit' is conducted by: MCQ with Answer and Explanation

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In government accounting, the 'Appropriation Audit' is conducted by:

A. Chartered accountant

B. CAG

C. Tax auditor

D. Internal auditor

Answer: Option B

Solution (By JKExamLibrary)

CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1 Report Error

The 'Subsequent Events' review period extends to:

A. Date of approval of financial statements (if auditor's report is dated later) or date of auditor's report

B. One month after

C. No fixed date

D. Balance sheet date

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Correct Answer: Option A

Explanation:
The auditor's responsibility for subsequent events covers the period up to the date of auditor's report.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

GST in India is a:

A. Origin-based tax

B. Direct tax

C. Wealth tax

D. Destination-based consumption tax

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Correct Answer: Option D

Explanation:
GST is levied where goods and services are consumed rather than where they are produced.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The CAG's audit report on government accounts is submitted to:

A. Lok Sabha directly

B. Finance Minister

C. President / Governor

D. Prime Minister

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Correct Answer: Option C

Explanation:
CAG submits reports to the President (Union) or Governor (State), who cause them to be laid before Parliament/Legislature.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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