The 'Related Party Disclosures' standard is: MCQ with Answer and Explanation
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Question #1
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Which of the following is not an objective of a financial audit?
Correct Answer: Option A
Explanation:
Audit provides reasonable assurance, not absolute accuracy. The objective is to detect material misstatements due to fraud or error and express an opinion.
Audit provides reasonable assurance, not absolute accuracy. The objective is to detect material misstatements due to fraud or error and express an opinion.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Final Dividend' is recommended by:
Correct Answer: Option D
Explanation:
Board recommends final dividend, which is then approved by shareholders in AGM.
Board recommends final dividend, which is then approved by shareholders in AGM.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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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 A
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
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