The 'Correction of an Error' (Ind AS 8) is done: MCQ with Answer and Explanation
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Question #1
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PFMS is implemented by which ministry?
Correct Answer: Option D
Explanation:
PFMS (Public Financial Management System) is under the Office of the Controller General of Accounts, Ministry of Finance.
PFMS (Public Financial Management System) is under the Office of the Controller General of Accounts, Ministry of Finance.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The fundamental accounting equation is a mathematical expression of which concept?
Correct Answer: Option A
Explanation:
The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.
The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The term 'Substantive Testing' in audit refers to:
Correct Answer: Option C
Explanation:
Substantive testing involves detailed testing of transactions and balances to detect material misstatements in the financial statements.
Substantive testing involves detailed testing of transactions and balances to detect material misstatements in the financial statements.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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