The 'Going Concern' assumption in audit is evaluated by: MCQ with Answer and Explanation
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Question #1
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A change in depreciation method is treated as:
Correct Answer: Option A
Explanation:
Change in depreciation method is a change in accounting policy, requiring retrospective application as per AS 5.
Change in depreciation method is a change in accounting policy, requiring retrospective application as per AS 5.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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ESG Reporting focuses on an organization's performance regarding:
Correct Answer: Option B
Explanation:
ESG reporting discloses a company's non-financial impacts, assessing its sustainability, societal impact, and corporate governance practices.
ESG reporting discloses a company's non-financial impacts, assessing its sustainability, societal impact, and corporate governance practices.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The final step in the accounting cycle is:
Correct Answer: Option B
Explanation:
The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.
The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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