Schedule III of Companies Act, 2013 prescribes: MCQ with Answer and Explanation

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Schedule III of Companies Act, 2013 prescribes:

A. Format of Balance Sheet and Profit & Loss Account

B. Format of Profit & Loss Account

C. Format of Trial Balance

D. Audit report format

Answer: Option A

Solution (By JKSSB Mock Tests)

Schedule III provides the format for presentation of financial statements (Balance Sheet and Statement of Profit and Loss) for companies.

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

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Question #1

An auditor is considered a 'watchdog and not a bloodhound'. This implies:

A. The auditor must be aggressive in finding fraud

B. The auditor investigates only cash transactions

C. The auditor works only at night

D. The auditor must approach the work with reasonable care and skepticism, but not assuming everyone is dishonest

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Correct Answer: Option D

Explanation:
Coined in the Kingston Cotton Mill case, it means an auditor must exercise reasonable skill and care but isn't required to approach the audit with suspicion of fraud.

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

Question #2

The 'Guillotine' in budget process refers to:

A. Rejection of budget

B. Putting all outstanding demands to vote without further discussion

C. Adjournment of house

D. Alloting extra time for discussion

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Correct Answer: Option B

Explanation:
Guillotine is a parliamentary procedure to close discussion on demands for grants and put them to vote.

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Question #3

In the Trading Account, 'Wages' paid for production are:

A. Not included

B. Debited

C. Shown as liability

D. Credited

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Correct Answer: Option B

Explanation:
Wages are direct expenses, debited to Trading Account.

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

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