The 'Internal Financial Controls' reporting is required under: MCQ with Answer and Explanation

Question
The 'Internal Financial Controls' reporting is required under:
A. GST Act
B. CARO 2020
C. Section 143(3)(i) of Companies Act, 2013
D. Income Tax Act
Answer: Option C
Solution (By JKSSB Mock Tests)
Auditor's report must state whether the company has adequate internal financial controls system.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is not a type of error?
A. Error of commission
B. Error of interpretation
C. Error of omission
D. Error of principle
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Correct Answer: Option B

Explanation:
Common errors in accounting are error of principle, omission, commission, and compensating error. Error of interpretation is not a standard classification.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Standard Deduction available to salaried employees under Section 16(ia) for FY 2023-24 is:
A. Rs 1,00,000
B. Rs 1,50,000
C. Rs 40,000
D. Rs 50,000
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Correct Answer: Option D

Explanation:
A flat standard deduction of Rs 50,000 is allowed from the gross salary income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'ICAI' issues:
A. Accounting Standards (AS) and Ind AS for non-corporate entities
B. Laws
C. Company rules
D. Tax rules
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Correct Answer: Option A

Explanation:
ICAI formulates Accounting Standards (AS) and recommends Ind AS, but MCA notifies Ind AS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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