The 'Companies (Auditor's Report) Order' (CARO) 2020 applies to: MCQ with Answer and Explanation

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The 'Companies (Auditor's Report) Order' (CARO) 2020 applies to:

A. All companies

B. Certain class of companies as specified

C. Only banks

D. Only listed companies

Answer: Option B

Solution (By JKSSB Mock Tests)

CARO 2020 is applicable to specified companies, excluding certain categories like banking, insurance, OPC.

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

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Question #1

The 'Fair Value Hierarchy' under Ind AS 113 categorises inputs into:

A. Direct and Indirect

B. Primary and Secondary

C. Market and Cost

D. Level 1, Level 2, Level 3

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Correct Answer: Option D

Explanation:
Level 1: quoted prices; Level 2: observable inputs other than quoted prices; Level 3: unobservable inputs.

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

Question #2

Under PFMS, the hierarchy of fund flow tracking ensures that funds meant for a village panchayat can be monitored by:

A. Only the village sarpanch

B. The central ministries, state departments, and executing agencies simultaneously

C. The World Bank

D. Only the state government

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Correct Answer: Option B

Explanation:
PFMS is a web-based tracking system that provides end-to-end visibility of fund flow, accessible across all levels of government hierarchy.

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

Question #3

The 'Insolvency and Bankruptcy Board of India' (IBBI) regulates:

A. Capital markets

B. Companies Act compliance

C. Insolvency professionals, agencies, and processes under IBC

D. Banking

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Correct Answer: Option C

Explanation:
IBBI is the regulator for insolvency and bankruptcy ecosystem.

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

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