Social audit differs from financial audit mainly because: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
The 'Fraud' in an audit context refers to:
Correct Answer: Option D
Explanation:
Fraud is intentional; error is unintentional.
Fraud is intentional; error is unintentional.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
S1: The Profit and Loss Appropriation Account is prepared by a company. S2: The Profit and Loss Appropriation Account is prepared by a partnership firm. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
Which document is issued by an unregistered supplier under GST when they sell exempted goods?
Correct Answer: Option D
Explanation:
A Bill of Supply is issued instead of a Tax Invoice when dealing in exempted goods or when the supplier is under the Composition Scheme.
A Bill of Supply is issued instead of a Tax Invoice when dealing in exempted goods or when the supplier is under the Composition Scheme.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!