The 'Peer Review' of audit firms is conducted by: MCQ with Answer and Explanation

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The 'Peer Review' of audit firms is conducted by:

A. MCA

B. NFRA

C. ICAI's Peer Review Board

D. SEBI

Answer: Option C

Solution (By JKSSB Mock Tests)

ICAI has a Peer Review Board to ensure quality of audit services.

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

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Question #1

The 'Accrual System' of accounting records transactions:

A. When cash is received or paid

B. When they become due (earned/incurred)

C. On order placement

D. At the end of year

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Correct Answer: Option B

Explanation:
Accrual basis recognises income when earned and expenses when incurred, regardless of cash flow.

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

Question #2

An amended Cash Book is prepared to correct:

A. Timing differences like unpresented cheques

B. Only bank overdrafts

C. Errors made by the bank

D. Errors and omissions made in the Cash Book

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Correct Answer: Option D

Explanation:
An amended cash book is prepared to adjust omissions (like bank charges) and errors in the cash book before preparing the final BRS.

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

Question #3

The 'Convergence' of accounting standards means:

A. Modifying local standards to align with IFRS

B. Keeping different standards

C. No change

D. Adopting IFRS as they are

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Correct Answer: Option A

Explanation:
Convergence involves making domestic standards consistent with IFRS, with modifications if necessary.

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

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