Deduction under section 80-HHE is related to :

A. Export of computer software, technical services outside India.

Form 3-CB is used for :

A. Truth and fairness of Accounts.

B. Filled in the case of compulsory Audit.

D. Filled by government organizations.

What are final accounts?

It is the absolute final stage of accounting

It is the sum of the company’s expenditure and income

It is the determiner of a company’s net profit and loss

Organise the order of the process of final accounting.

Journal, ledger, final accounts

Final accounts, journal, ledger

Which of these statements of false?

A trading account is used to calculate the trading shares of the company in the market.

A trading account determines the records of the selling and buying process of goods

The greater aim of a trading account is to differentiate between the cost price and the selling price of a particular good.

The trading accounts show a distinctive picture of the trading results of a particular company

tabulates the assets and liabilities of the company on a date

shows assets and liabilities of a company

indicates the growth rate of the company

Which of these statements are true?

The profit and loss appropriation sheet is an extension of the profit and loss sheet.

The profit and loss sheet and the profit and loss appropriation sheet are synonymous

The profit and loss sheet and the profit and loss appropriation sheet are two different paradigms of accounting.

The profit and loss appropriation sheet is not a part of the final accounting.

A profit and loss sheet is prepared

In succession to the trading account

A profit and loss appropriation account is used to

To divide the profit and loss between the owners of the company

To show an ideal profit and loss situation of the company according to the market.

To compare the profit and loss of the company with other companies

A balance sheet of a company includes:

Assets, Liabilities and equity of stockholders

Accounts, Assets and Liabilities

Transaction details, accounts, assets and liabilities

Which of the following statements are true?

Section 211 states the main components of maintaining final accounts

Section 211 states the punishments and fines laid by the government in case a company fails to maintain final accounts.

Section 211 states the advantages and uses of maintaining final accounts

Final accounts are prepared on a

Differs from company to company

As per the accounting double-entry system, when expense increases, it is ___________.

A) No need to show as an accounting record.

What does the term “credit” mean in business?

A) agreement between a lender and a borrower

B) revenue a business earns from selling its goods

C) cost of operations that a company incurs to generate revenue

D) own with the expectation to provide a future benefit

When a Liability is decreased or reduced, it is registered on the

A) Debit side or left side of the account

B) Credit side or right side of the account

C) Debit side or right side of the account

D) Credit side or left side of the account

When there is an increase in capital by an amount, it is registered on the

A) Credit or right side of the account

B) Debit or left side of the account

C) Credit or left side of the account

D) Debit or right side of the account

Which option gives a review report on the firm’s financial status at a specified date?

A) Income & Expenditure Account

The unfavourable balance of Profit and Loss account should be

C) Subtracted from current assets

Audit And Finalization

Authored by Deepshikha Sarkar

Other

3rd Grade

Used 1+ times

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MULTIPLE CHOICE QUESTION

1 min • 5 pts

A company auditor can be removed before expiry of his term by

A. Shareholders

B. Board of Directors

C. Central Government

D. State Government

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A continuous audit is specially needed for

A. Any trading concern

B. Smaller concerns

C. Banking companies

D. Any manufacturing companies

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Propriety audit refers to

A. Verification of accounts

B. Examination accounts of propriety concerns

C. Enquiry against justification and necessity of expresses

D. Audit of Govt. companies

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Final audit implies

A. Audit of accounts at the end of the year

B. Finally checking of accounts to reveal frauds

C. Audit for submitting report immediately at the end of the year

D. Audit of banking companies

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Management audit means

A. Audit undertaken on behalf of the management

B. Evaluating performance of various management processes and functions

C. Audit undertaken on behalf of Govt. to punish management

D. Compulsory audit

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A special auditor is appointed by the

A. Shareholders

B. Board of Directors

C. Central Government

D. C & A – G

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A government Co. auditor may be appointed by the

A. C & A – G

B. Shareholders

C. Central Government

D. None of the above

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Audit And Finalization

A company auditor can be removed before expiry of his term by

A continuous audit is specially needed for

Propriety audit refers to

Final audit implies

Management audit means

A special auditor is appointed by the

A government Co. auditor may be appointed by the

--------------- audit is forward looking –

Audit under any statute in a country is called ------------------

-------------------- audit is not a statuary requirement

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