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

Question

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The 'Internal Financial Controls' reporting is required under:

A. Section 143(3)(i) of Companies Act, 2013

B. CARO 2020

C. GST Act

D. Income Tax Act

Answer: Option A

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

A debit note is prepared for:

A. Purchase returns

B. Credit sales

C. Credit purchases

D. Sales returns

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Correct Answer: Option A

Explanation:
A debit note is issued to a supplier when goods are returned, indicating that the supplier's account is debited.

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

Question #2

Which constitutional body recommends the distribution of net proceeds of taxes between the Union and the States?

A. GST Council

B. NITI Aayog

C. Finance Commission

D. Public Accounts Committee

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Correct Answer: Option C

Explanation:
Constituted under Article 280, the Finance Commission makes recommendations regarding the sharing of tax revenues.

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Question #3

A 'Rectifying Entry' is passed to:

A. Close the books

B. Correct errors in accounts

C. Record opening entries

D. Adjust depreciation

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Correct Answer: Option B

Explanation:
Rectifying entries correct errors found after posting.

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