The 'Deduction under Section 80C' is available up to maximum of: MCQ with Answer and Explanation
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Question #1
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S1: Audit in depth involves detailed examination of all transactions. S2: Audit in depth is also known as detailed audit. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
Audit in depth (or detailed audit) involves examining every single transaction and voucher in the books. It is typically done for small organizations or when fraud is suspected. Both statements are correct.
Audit in depth (or detailed audit) involves examining every single transaction and voucher in the books. It is typically done for small organizations or when fraud is suspected. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which ratio measures the firm's ability to meet its short-term obligations?
Correct Answer: Option A
Explanation:
Current Ratio (Current Assets / Current Liabilities) is a primary liquidity ratio testing short-term solvency.
Current Ratio (Current Assets / Current Liabilities) is a primary liquidity ratio testing short-term solvency.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following is not a component of 'Other Comprehensive Income' (OCI) under Ind AS?
Correct Answer: Option D
Explanation:
Dividend income is reported in profit or loss, not OCI.
Dividend income is reported in profit or loss, not OCI.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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