A 'Disclaimer of Opinion' is issued when: MCQ with Answer and Explanation

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A 'Disclaimer of Opinion' is issued when:

A. Auditor cannot obtain sufficient appropriate evidence and possible effects are pervasive

B. Financial statements are correct

C. Everything is fine

D. Misstatements are trivial

Answer: Option A

Solution (By JKSSB Mock Tests)

Disclaimer means the auditor does not express an opinion due to scope limitation.

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

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Question #1

Which of the following is an example of an 'Artificial Personal Account'?

A. Reliance Industries Ltd. Account

B. Outstanding Wages Account

C. Ramesh's Account

D. Capital Account

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Correct Answer: Option A

Explanation:
Corporations and companies are artificial persons created by law, distinguishing them from natural persons (Ramesh) or representative accounts.

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

Question #2

Under PFMS, the transfer of subsidies directly to the bank accounts of beneficiaries is known as:

A. IMPS

B. NEFT

C. RTGS

D. Direct Benefit Transfer (DBT)

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Correct Answer: Option D

Explanation:
DBT aims to transfer benefits and subsidies directly to the Aadhaar-seeded bank accounts of the beneficiaries, eliminating middlemen.

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

Question #3

The 'Section 194O' deals with TDS on:

A. Rent

B. Professional fees

C. Salary

D. E-commerce transactions

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Correct Answer: Option D

Explanation:
E-commerce operators deduct TDS on payments to e-commerce participants at 1%.

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

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