Financial audit is conducted mainly to: MCQ with Answer and Explanation

Question
Financial audit is conducted mainly to:
A. Express an opinion on the true and fair view of financial statements
B. Evaluate management performance
C. Calculate tax liability
D. Detect frauds and errors
Answer: Option A
Solution (By JKSSB Mock Tests)
The primary objective of a financial audit is to express an independent opinion on whether the financial statements present a true and fair view.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a feature of a cooperative society?
A. Managed by the government
B. Voluntary association with democratic management
C. Unlimited liability
D. Profit maximization is the main motive
Discuss
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Correct Answer: Option B

Explanation:
A cooperative society is a voluntary association of persons who join together with a service motive rather than profit, and it is managed democratically.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'GST on Non-Affordable Housing' (other than affordable) is:
A. 5% without ITC
B. 18%
C. 12% with ITC
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Non-affordable residential real estate projects are taxed at 5% without ITC.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A Debit Voucher is specifically prepared for:
A. Purchase returns on credit
B. Cash payments
C. Cash receipts
D. Credit sales
Discuss
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Correct Answer: Option B

Explanation:
Debit vouchers are documentary evidence for cash payments made to suppliers, for expenses, or for asset purchases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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