The 'Component Auditor' in a group audit is: MCQ with Answer and Explanation
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Question #1
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The CAG's audit report on government accounts is submitted to:
Correct Answer: Option C
Explanation:
CAG submits reports to the President (Union) or Governor (State), who cause them to be laid before Parliament/Legislature.
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
Question #2
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An unpaid electricity bill of Rs 5,000 at the end of the year requires an adjusting entry. It will:
Correct Answer: Option C
Explanation:
Recognizing the expense (Debit Electricity A/c) and creating the liability (Credit Outstanding Electricity Expense).
Recognizing the expense (Debit Electricity A/c) and creating the liability (Credit Outstanding Electricity Expense).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Financial Statements' of a company must comply with:
Correct Answer: Option B
Explanation:
Companies Act 2013 and Accounting Standards govern financial statements.
Companies Act 2013 and Accounting Standards govern financial statements.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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