The audit of a company's accounts is conducted by: MCQ with Answer and Explanation

Question
The audit of a company's accounts is conducted by:
A. Cost auditor
B. Statutory auditor appointed by shareholders
C. Internal auditor
D. Government auditor
Answer: Option B
Solution (By JKSSB Mock Tests)
Statutory audit is carried out by an independent auditor appointed by the shareholders.
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 'GST on Virtual Digital Assets' is:
A. 28%
B. 5%
C. Exempt
D. 18%
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Correct Answer: Option D

Explanation:
GST on services related to VDA is generally 18%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the Trading Account, which of the following is not debited?
A. Opening stock
B. Octroi duty on goods sold
C. Customs duty on imports
D. Freight inward
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Correct Answer: Option B

Explanation:
Octroi on goods sold is a selling expense, debited to P&L Account, not Trading Account. Octroi on purchases is direct expense.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Duty Drawback' scheme under Customs provides:
A. GST refund
B. Refund of duties on imported inputs used in exported goods
C. Exemption from income tax
D. No refund
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Correct Answer: Option B

Explanation:
Duty drawback refunds customs/excise duties paid on inputs used in exported products.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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