The 'Safeguards' against threats to independence may be: MCQ with Answer and Explanation

Question Report Error

The 'Safeguards' against threats to independence may be:

A. Created by the profession, legislation, or within the client's organisation

B. Only regulatory

C. None

D. Only internal

Answer: Option A

Solution (By JKExamLibrary)

Safeguards are measures that eliminate or reduce threats to an acceptable level.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Tax Deduction at Source (TDS) on salary is governed by:

A. Section 192 of Income Tax Act

B. Section 194C

C. Section 10

D. Section 80C

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Correct Answer: Option A

Explanation:
TDS on salary is covered under Section 192.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

The 'Cash Book' serves as:

A. Only a ledger

B. Only a journal

C. A subsidiary book for all transactions

D. Both journal and ledger for cash transactions

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Correct Answer: Option D

Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'e-assessment' scheme for income tax was launched to:

A. Increase tax rates

B. Faceless scrutiny

C. Reduce refunds

D. Eliminate digital filing

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Correct Answer: Option B

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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