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Question #1
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A: Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives. R: Internal control can guarantee the prevention of all frauds. Choose the correct option.
Correct Answer: Option C
Explanation:
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Comptroller and Auditor General' (CAG) is not responsible for audit of:
Correct Answer: Option D
Explanation:
Statutory audit of public sector banks is conducted by chartered accountant firms appointed by RBI/Central Government; CAG conducts supplementary audit.
Statutory audit of public sector banks is conducted by chartered accountant firms appointed by RBI/Central Government; CAG conducts supplementary audit.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Net Profit' is transferred to:
Correct Answer: Option B
Explanation:
Net profit is added to owner's capital or retained earnings.
Net profit is added to owner's capital or retained earnings.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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