The 'Key Audit Matters' (KAM) are required to be reported in the auditor's report for: MCQ with Answer and Explanation

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The 'Key Audit Matters' (KAM) are required to be reported in the auditor's report for:

A. All entities

B. Listed entities (and certain other cases when required by law or voluntarily)

C. Only insurance companies

D. Only banks

Answer: Option B

Solution (By JKSSB Mock Tests)

KAM reporting is mandatory for listed entities as per SA 701.

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

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The term 'Cloud Accounting' refers to:

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B. Using accounting software hosted on remote servers accessed via internet

C. Manual accounting on paper

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Correct Answer: Option B

Explanation:
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Correct Answer: Option D

Explanation:
Debt-equity ratio indicates financial leverage and long-term solvency.

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The 'Ethical Requirements' for professional accountants include:

A. Only confidentiality

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C. Only competence

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Correct Answer: Option B

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

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