The 'Independence' of an auditor is required because: MCQ with Answer and Explanation
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Question #1
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An unrecorded bank charge for ₹150 will be treated in BRS starting with Cash Book balance (Dr.):
Correct Answer: Option D
Explanation:
Bank charges have been debited by bank in passbook, reducing the balance, but not recorded in cash book. To reconcile from cash book to passbook, we deduct the charges.
Bank charges have been debited by bank in passbook, reducing the balance, but not recorded in cash book. To reconcile from cash book to passbook, we deduct the charges.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Agriculture' (Ind AS 41) requires biological assets to be measured at:
Correct Answer: Option A
Explanation:
Ind AS 41 mandates fair value measurement for biological assets.
Ind AS 41 mandates fair value measurement for biological assets.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A business buying machinery pays 18% GST. Can it claim Input Tax Credit (ITC) on this GST?
Correct Answer: Option B
Explanation:
ITC can be claimed on capital goods (like machinery) used for business purposes, subject to certain conditions in the GST Act.
ITC can be claimed on capital goods (like machinery) used for business purposes, subject to certain conditions in the GST Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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