The 'Retention Period' for audit working papers is generally: MCQ with Answer and Explanation

Question
The 'Retention Period' for audit working papers is generally:
A. 10 years
B. 7 years (or as per SQC 1)
C. 1 year
D. No requirement
Answer: Option B
Solution (By JKSSB Mock Tests)
As per ICAI's Standard on Quality Control, retention period is at least 7 years.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In the absence of a partnership deed, profits are shared:
A. Based on age
B. Equally
C. Based on experience
D. In the ratio of capital
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Correct Answer: Option B

Explanation:
As per Indian Partnership Act, 1932, in absence of a deed, profits and losses are shared equally among partners.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The term 'Fictitious Assets' are:
A. Intangible assets
B. Current assets
C. Deferred revenue expenditures shown as assets
D. Tangible assets
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Correct Answer: Option C

Explanation:
Fictitious assets are deferred revenue expenditures (like preliminary expenses) that have no realizable value but are shown on the asset side of the balance sheet.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Securities Transaction Tax' (STT) is levied under:
A. GST Act
B. Income Tax Act
C. Finance Act (Chapter VII of Finance (No.2) Act, 2004)
D. Securities Contracts (Regulation) Act
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Correct Answer: Option C

Explanation:
STT is levied through the Finance Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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