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. Replace auditors

B. Set audit fees

C. Prepare tax returns

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

Answer: Option D

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

In the Indian financial system, SEBI regulates:

A. Capital markets

B. Insurance sector

C. Foreign exchange

D. Banking sector

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Correct Answer: Option A

Explanation:
The Securities and Exchange Board of India (SEBI) is the regulatory body for the securities and capital markets in India.

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

Question #2

The 'Financial Reporting' under Indian GAAP for non-corporate entities is governed by:

A. Ind AS only

B. IFRS

C. Accounting Standards (AS) issued by ICAI

D. Companies Act only

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Correct Answer: Option C

Explanation:
Non-company entities follow AS issued by ICAI.

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

Question #3

Carriage outward is shown in:

A. Profit & Loss A/c

B. Manufacturing A/c

C. Balance Sheet

D. Trading A/c

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Correct Answer: Option A

Explanation:
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.

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

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