The 'National Financial Reporting Authority' (NFRA) has jurisdiction over: MCQ with Answer and Explanation
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Question #1
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S1: In a cash flow statement under Ind AS 7, dividends paid can be classified as either operating or financing activities. S2: Interest paid can be classified as either operating or financing activities. Which statement(s) is/are correct?
Correct Answer: Option B
Explanation:
Ind AS 7 allows flexibility. Dividends paid can be classified as financing (cash outflow for financing) or operating (to assist in determining cash from operations). Interest paid can be operating or financing. Both are correct.
Ind AS 7 allows flexibility. Dividends paid can be classified as financing (cash outflow for financing) or operating (to assist in determining cash from operations). Interest paid can be operating or financing. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Management Override of Controls' is a risk of material misstatement due to fraud. Auditors must:
Correct Answer: Option B
Explanation:
SA 240 requires specific procedures for management override.
SA 240 requires specific procedures for management override.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The rate of interest on calls-in-advance as per Table F is:
Correct Answer: Option B
Explanation:
As per Table F of Companies Act, interest on calls in advance is 12% p.a.
As per Table F of Companies Act, interest on calls in advance is 12% p.a.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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