The 'Data Analytics' in audit is used to: MCQ with Answer and Explanation

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The 'Data Analytics' in audit is used to:

A. Set audit fees

B. Replace auditors

C. Analyse large volumes of data to identify anomalies and patterns

D. Prepare tax returns

Answer: Option C

Solution (By JKSSB Mock Tests)

Data analytics enhances audit quality by enabling deeper insights.

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

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Question #1

The 'Accounting Equation' remains intact under:

A. Cash system

B. All systems

C. Double entry system

D. Single entry only

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Correct Answer: Option C

Explanation:
Double entry system always maintains the balance of accounting equation. Single entry does not.

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

Question #2

The 'Set-off and Carry Forward' of losses under Income Tax: Speculation loss can be set off against:

A. House property income

B. Only speculation profit

C. Any business profit

D. Salary income

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Correct Answer: Option B

Explanation:
Speculation loss can only be set off against speculation profit.

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

Question #3

The 'Professional Skepticism' means:

A. Ignoring evidence

B. Questioning mind and critical assessment of audit evidence

C. Believing management without question

D. Being cynical always

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Correct Answer: Option B

Explanation:
Auditor must apply professional skepticism throughout the engagement.

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

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