A statutory audit is mandatory under: MCQ with Answer and Explanation

Question
A statutory audit is mandatory under:
A. Income Tax Act only
B. Only for companies
C. Companies Act, 2013 for companies
D. Partnership Act
Answer: Option C
Solution (By JKSSB Mock Tests)
Statutory audit is required by law, e.g., companies as per Companies Act 2013, and other entities as per relevant statutes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The foundational principle of Double Entry Bookkeeping is:
A. Cash received must equal cash paid
B. Expenses must equal incomes
C. Assets must be greater than liabilities
D. Every debit has a corresponding credit
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Correct Answer: Option D

Explanation:
Double entry bookkeeping relies on the dual aspect concept, meaning every transaction affects at least two accounts with equal debits and credits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The primary objective of Financial Management is:
A. Profit maximization
B. Wealth maximization of shareholders
C. Maximizing market share
D. Minimizing taxes
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Correct Answer: Option B

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The term 'IFRS' stands for:
A. International Financial Reporting Standards
B. International Fiscal Reporting Standards
C. Indian Fiscal Reporting System
D. Indian Financial Reporting Standards
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Correct Answer: Option A

Explanation:
IFRS stands for International Financial Reporting Standards, issued by IASB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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