In government accounting, the 'Appropriation Audit' is conducted by: MCQ with Answer and Explanation

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In government accounting, the 'Appropriation Audit' is conducted by:

A. Internal auditor

B. Chartered accountant

C. Tax auditor

D. CAG

Answer: Option D

Solution (By JKSSB Mock Tests)

CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.

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

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Question #1

The 'Dual-purpose Test' in audit is:

A. Two separate tests

B. Only compliance

C. Only substantive

D. A test that serves both as a test of control and a substantive test

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Correct Answer: Option D

Explanation:
A single procedure can provide evidence on both controls and substantive assertions.

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Question #2

The 'Retention Period' for audit working papers is generally:

A. 10 years

B. No requirement

C. 1 year

D. 7 years (or as per SQC 1)

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Correct Answer: Option D

Explanation:
As per ICAI's Standard on Quality Control, retention period is at least 7 years.

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Question #3

The 'Accounting Cycle' begins with:

A. Identification and recording of transactions in journal

B. Preparation of trial balance

C. Preparation of financial statements

D. Posting to ledger

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Correct Answer: Option A

Explanation:
The cycle starts with journalizing (recording) transactions.

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

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