The 'Independence' of auditor means: MCQ with Answer and Explanation
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Question #1
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In a not-for-profit organization, 'Life Membership Fees' is usually treated as:
Correct Answer: Option A
Explanation:
Life membership fees are generally treated as capital receipt and transferred to a fund, not income.
Life membership fees are generally treated as capital receipt and transferred to a fund, not income.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Audit Documentation' should be sufficient to:
Correct Answer: Option C
Explanation:
As per SA 230, working papers must stand alone.
As per SA 230, working papers must stand alone.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which branch of accounting focuses on historical data to present the financial position to external users?
Correct Answer: Option B
Explanation:
Financial accounting records past events to prepare statements like P&L and Balance Sheet for external stakeholders (investors, creditors, government).
Financial accounting records past events to prepare statements like P&L and Balance Sheet for external stakeholders (investors, creditors, government).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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