The 'Assembly of the Final Audit File' should be completed within: MCQ with Answer and Explanation

Question
The 'Assembly of the Final Audit File' should be completed within:
A. No time limit
B. 30 days of auditor's report
C. 60 days of auditor's report (as per SA 230)
D. 90 days
Answer: Option C
Solution (By JKSSB Mock Tests)
The final file should be assembled within 60 days from the date of auditor's report.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Discount Column' in the three-column cash book is:
A. Not used
B. Used only for bank reconciliation
C. Balanced
D. Only totalled and then posted to ledger
Discuss
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Correct Answer: Option D

Explanation:
Discount columns are not balanced; their totals are posted to discount allowed/received accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If a cheque of Rs 1,000 is issued but recorded in the cash column of the Cash Book instead of the bank column, what is the effect on the bank balance?
A. Bank balance in Cash Book is overstated by Rs 1,000
B. Cash balance is overstated
C. Bank balance in Cash Book is understated by Rs 1,000
D. No effect on any balance
Discuss
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Correct Answer: Option A

Explanation:
Since the bank column was not reduced (credited), the bank balance as per the Cash Book remains artificially high (overstated).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Social Accounting primarily benefits:
A. Shareholders only
B. Competitors
C. Government only
D. Society at large by disclosing social costs and benefits
Discuss
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Correct Answer: Option D

Explanation:
It provides information to stakeholders about the social impact of an entity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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