The audit report is addressed to: MCQ with Answer and Explanation

Question
The audit report is addressed to:
A. Government
B. Shareholders
C. Board of directors
D. Management
Answer: Option B
Solution (By JKSSB Mock Tests)
The auditor's report is addressed to the members (shareholders) of the company.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Share Based Payments' (Ind AS 102) require equity-settled transactions to be measured at:
A. Fair value of goods/services received, or if not reliably determinable, fair value of equity instruments granted
B. Nominal value
C. Market price on grant date only
D. Intrinsic value
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Correct Answer: Option A

Explanation:
Equity-settled share-based payments are measured at fair value.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The primary regulator of Mutual Funds in India is:
A. AMFI
B. RBI
C. SEBI
D. IRDAI
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Correct Answer: Option C

Explanation:
The Securities and Exchange Board of India (SEBI) regulates all capital market entities, including mutual funds.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which branch of accounting focuses on historical data to present the financial position to external users?
A. Financial Accounting
B. Responsibility Accounting
C. Management Accounting
D. Cost Accounting
Discuss
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Correct Answer: Option A

Explanation:
Financial accounting records past events to prepare statements like P&L and Balance Sheet for external stakeholders (investors, creditors, government).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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