The 'Analytical Procedures' are required: MCQ with Answer and Explanation

Question
The 'Analytical Procedures' are required:
A. Never
B. At planning, as substantive procedures, and at final review stage
C. Only at planning stage
D. Only as substantive
Answer: Option B
Solution (By JKSSB Mock Tests)
SA 520 mandates analytical procedures at these stages.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Artificial Intelligence' in accounting is primarily used for:
A. Physical verification
B. Only entertainment
C. Replacing all accountants
D. Automating repetitive tasks, fraud detection, and predictive analysis
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Correct Answer: Option D

Explanation:
AI assists in automation, anomaly detection, and advanced analytics.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Marginal cost is the cost of:
A. Total cost divided by units
B. Producing one additional unit
C. Producing one unit
D. Fixed costs
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Correct Answer: Option B

Explanation:
Marginal cost is the change in total cost due to producing one additional unit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The maximum rate of income tax (excluding surcharge and cess) for individuals in India as per recent budget is:
A. 35%
B. 30%
C. 40%
D. 25%
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Correct Answer: Option B

Explanation:
As per current income tax slabs, the highest marginal rate for individuals (old regime) is 30%. Under new regime, surcharge may increase effective rate but base rate is still 30% up to certain limit. The question asks maximum rate excluding surcharge, so 30%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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