The 'Audit Documentation' (working papers) is the property of: MCQ with Answer and Explanation

Question

Share Report Error

The 'Audit Documentation' (working papers) is the property of:

A. Government

B. Shareholders

C. Auditor

D. Client

Answer: Option C

Solution (By JKSSB Mock Tests)

Working papers belong to the auditor; client does not have a right to them.

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 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:

A. GST filings

B. Suspicious transactions

C. Tax payments

D. All cash transactions

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Correct Answer: Option B

Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.

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

Question #2

When preparing a BRS from the Pass Book balance (favorable), a cheque deposited but not collected will be:

A. Divided

B. Added

C. Deducted

D. Ignored

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Correct Answer: Option B

Explanation:
The cash book balance is higher (receipt was recorded). To move from pass book to match the cash book, the amount must be added.

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

Question #3

Cash flow from operating activities includes:

A. Cash received from customers

B. Repayment of loan

C. Issue of shares

D. Sale of machinery

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Correct Answer: Option A

Explanation:
Cash from customers is operating activity. Sale of machinery is investing, issue of shares and loan repayment are financing.

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

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