An auditor's primary responsibility is to: MCQ with Answer and Explanation

Question
An auditor's primary responsibility is to:
A. Compute tax liability
B. Express an opinion on the financial statements
C. Detect all frauds
D. Prepare financial statements
Answer: Option B
Solution (By JKSSB Mock Tests)
Auditor examines the financial statements and provides an opinion whether they give a true and fair view.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Under the Comptroller and Auditor General's (Duties, Powers and Conditions of Service) Act, 1971, the CAG audits the accounts of:
A. Union, State Governments, and Government Companies
B. Union and State Governments only
C. Only the Union Government
D. Union, State Governments, Government Companies, and bodies substantially financed by the government
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Correct Answer: Option D

Explanation:
The CAG's DPC Act, 1971, empowers the CAG to audit the Consolidated Fund of India and States, government companies, and any other bodies or authorities substantially financed by government grants or loans.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Labour Turnover' rate measures:
A. Overtime
B. Efficiency of workers
C. Absenteeism
D. Rate of change in labour force
Discuss
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Correct Answer: Option D

Explanation:
Labour turnover indicates the frequency of employees leaving and being replaced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Threshold Limit' for mandatory e-invoicing under GST for B2B transactions is aggregate turnover exceeding:
A. ₹1 crore
B. ₹5 crore
C. ₹20 crore
D. ₹10 crore
Discuss
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Correct Answer: Option B

Explanation:
As of recent updates, e-invoicing is mandatory for aggregate turnover above ₹5 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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