The 'Group Engagement Partner' is responsible for: MCQ with Answer and Explanation

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The 'Group Engagement Partner' is responsible for:

A. Only his own work

B. Overall group audit opinion and direction, supervision, and performance of the group audit engagement

C. Tax filing

D. Component audit only

Answer: Option B

Solution (By JKSSB Mock Tests)

The engagement partner takes overall responsibility.

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

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Question #1

The 'Assembly of the Final Audit File' should be completed within:

A. No time limit

B. 60 days of auditor's report (as per SA 230)

C. 90 days

D. 30 days of auditor's report

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Correct Answer: Option B

Explanation:
The final file should be assembled within 60 days from the date of auditor's report.

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

Question #2

If total assets are Rs 5,00,000 and outside liabilities are Rs 2,00,000, what is the owner's equity?

A. Rs 2,00,000

B. Rs 7,00,000

C. Rs 3,00,000

D. Rs 2,50,000

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Correct Answer: Option C

Explanation:
According to the accounting equation (Assets = Liabilities + Equity), Equity = 5,00,000 - 2,00,000 = Rs 3,00,000.

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

Question #3

The 'Penalty' for under-reporting of income is:

A. 100% of tax

B. 50% of tax payable on under-reported income

C. 200% of tax

D. No penalty

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Correct Answer: Option B

Explanation:
Penalty for under-reporting is 50% of tax on under-reported income; for misreporting, 200%.

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

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