The 'Component Auditor' in a group audit is: MCQ with Answer and Explanation

Question
The 'Component Auditor' in a group audit is:
A. Internal auditor
B. An auditor who performs audit work on a component for the group auditor
C. Tax auditor
D. The auditor who audits the parent
Answer: Option B
Solution (By JKSSB Mock Tests)
Group auditor may use the work of component auditors.
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 Compensation Cess' is levied to compensate states for:
A. Natural calamities
B. Excess expenditure
C. Loss of revenue due to GST implementation
D. Loan repayment
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Correct Answer: Option C

Explanation:
Compensation cess compensates states for revenue shortfall during the transition period.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Goodwill brought in by a new partner in cash is distributed among old partners in:
A. Equal ratio
B. Old profit-sharing ratio
C. New profit-sharing ratio
D. Sacrificing ratio
Discuss
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Correct Answer: Option D

Explanation:
The premium for goodwill brought by incoming partner is distributed to old partners in their sacrificing ratio.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Contingent Liability' for a pending lawsuit is shown in the balance sheet as:
A. A note to accounts
B. Capital reserve
C. Current liability
D. A provision
Discuss
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Correct Answer: Option A

Explanation:
It is not recognised as a liability but disclosed by way of a note.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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