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. SEBI

B. NFRA

C. ICAI's Peer Review Board

D. MCA

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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Practice More Accountancy and Book Keeping Questions

Question #1

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A business buying machinery pays 18% GST. Can it claim Input Tax Credit (ITC) on this GST?

A. Yes, provided the machinery is used in the course of business

B. No, ITC is only for raw materials

C. No, capital goods are exempted from ITC

D. Yes, but only 50%

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Correct Answer: Option A

Explanation:
ITC can be claimed on capital goods (like machinery) used for business purposes, subject to certain conditions in the GST Act.

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

Question #2

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S1: A joint venture is a temporary partnership. S2: A joint venture has a separate legal entity. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. S2 only

D. Both S1 and S2

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Correct Answer: Option A

Explanation:
A joint venture is formed for a specific, short-term purpose and terminates upon completion, making it a temporary partnership. Unlike a company, it does not have a separate legal entity distinct from its co-venturers. S1 is correct, S2 is incorrect.

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