The 'Comptroller and Auditor General' (CAG) is appointed by: MCQ with Answer and Explanation

Question Report Error

The 'Comptroller and Auditor General' (CAG) is appointed by:

A. Prime Minister

B. Parliament

C. President of India

D. Finance Minister

Answer: Option C

Solution (By JKExamLibrary)

CAG is appointed by the President under Article 148.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Discount Allowed is considered a:

A. Selling & Distribution Expense

B. Financial Expense

C. Direct Expense

D. Factory Expense

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Correct Answer: Option A

Explanation:
Discount allowed is given to encourage prompt payment by customers, treated as a selling/administrative expense in the P&L Account.

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

Question #2 Report Error

A social audit in India under MGNREGA is conducted by:

A. Gram Sabha through social audit units

B. CAG directly

C. External auditor appointed by government

D. Chartered accountant

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Correct Answer: Option A

Explanation:
MGNREGA mandates social audit by Gram Sabha with facilitation by social audit units.

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

Question #3 Report Error

Schedule III of Companies Act, 2013 prescribes:

A. Format of Balance Sheet and Profit & Loss Account

B. Format of Profit & Loss Account

C. Format of Trial Balance

D. Audit report format

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Correct Answer: Option A

Explanation:
Schedule III provides the format for presentation of financial statements (Balance Sheet and Statement of Profit and Loss) for companies.

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

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