The 'Roll-forward Procedures' in audit are performed to: MCQ with Answer and Explanation

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The 'Roll-forward Procedures' in audit are performed to:

A. Update audit findings from an interim date to the period end

B. Replace interim testing

C. Start audit early

D. Postpone audit

Answer: Option A

Solution (By JKSSB Mock Tests)

Roll-forward extends the conclusions from interim date to year-end.

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

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Question #1

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Under the Companies Act 2013, the 'Corporate Social Responsibility' (CSR) committee must consist of:

A. At least 2 directors, out of which at least 1 must be an independent director

B. At least 2 directors, both of whom must be independent directors

C. At least 3 directors, out of which at least 1 must be an independent director

D. At least 3 directors, all of whom must be independent directors

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Correct Answer: Option C

Explanation:
Section 135 of the Companies Act 2013 mandates that the CSR Committee must consist of at least 3 directors, out of which at least 1 must be an independent director.

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

Question #2

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In a bank reconciliation statement, an overdraft as per the cash book will be increased by:

A. Direct deposit by customer

B. Interest allowed by bank

C. Cheques deposited but not credited

D. Cheques issued but not presented for payment

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Correct Answer: Option D

Explanation:
Cheques issued but not presented reduce the bank balance, so they are added to the overdraft balance as per the cash book to reconcile with the pass book.

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