Internal audit is conducted by: MCQ with Answer and Explanation
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Question #1
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A partnership firm is dissolved. Which of the following accounts is prepared at the time of dissolution?
Correct Answer: Option A
Explanation:
Realisation Account is prepared to close the books on dissolution.
Realisation Account is prepared to close the books on dissolution.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under Ind AS 37, a provision should be recognized when:
Correct Answer: Option B
Explanation:
Ind AS 37 mandates that a provision is recognized only when there is a present obligation (legal or constructive) from a past event, an outflow of resources is probable, and a reliable estimate can be made.
Ind AS 37 mandates that a provision is recognized only when there is a present obligation (legal or constructive) from a past event, an outflow of resources is probable, and a reliable estimate can be made.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under the Indian Companies Act, 2013, financial statements include:
Correct Answer: Option B
Explanation:
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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