The 'Cut-off' procedures in audit relate to: MCQ with Answer and Explanation
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Question #1
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A business paid ₹12,000 as insurance premium for the year ending 31st March 2025, out of which ₹3,000 relates to next year. Insurance expense for current year is:
Correct Answer: Option A
Explanation:
Prepaid ₹3,000, so current year expense = 12,000 - 3,000 = ₹9,000.
Prepaid ₹3,000, so current year expense = 12,000 - 3,000 = ₹9,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The matching concept requires that:
Correct Answer: Option D
Explanation:
Matching principle states that expenses incurred to earn revenues should be recognized in the same accounting period.
Matching principle states that expenses incurred to earn revenues should be recognized in the same accounting period.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:
Correct Answer: Option A
Explanation:
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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