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

Question

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

A. Client

B. Auditor

C. Government

D. Shareholders

Answer: Option B

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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Question #1

The 'Sufficient Appropriate Audit Evidence' means:

A. Only quality

B. Only quantity

C. Quantity (sufficiency) and quality (appropriateness - relevance and reliability) of evidence

D. Any evidence

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Correct Answer: Option C

Explanation:
Sufficient relates to quantity, appropriate to quality.

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Question #2

Which of the following items is shown in the Profit and Loss Appropriation Account of a partnership firm?

A. Office electricity expenses

B. Salary to partners

C. Discount allowed to debtors

D. Rent paid to partner's building

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Correct Answer: Option B

Explanation:
Salary to partners is an appropriation of profit, hence shown in P&L Appropriation A/c, not in P&L A/c.

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Question #3

The primary purpose of preparing a Bank Reconciliation Statement (BRS) is to:

A. Determine the net profit

B. Calculate bank interest

C. Identify causes of difference between cash book and pass book balances

D. Correct errors in the ledger

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Correct Answer: Option C

Explanation:
BRS is prepared to reconcile the bank balance as per the cash book with the balance as per the bank statement (pass book).

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

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