The 'Rotation of Audit Partners' for listed companies is required every: MCQ with Answer and Explanation

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The 'Rotation of Audit Partners' for listed companies is required every:

A. 5 years

B. 10 years

C. No rotation

D. 7 years (as per Companies Act 2013, audit firm rotation for certain companies, partner rotation for listed companies)

Answer: Option D

Solution (By JKSSB Mock Tests)

Companies Act 2013 mandates partner rotation for listed companies.

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

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Question #1

The 'Closing Stock' is valued on the basis of:

A. Cost or net realizable value whichever is lower

B. Cost or market price whichever is higher

C. Market price only

D. Net realizable value only

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Correct Answer: Option A

Explanation:
Prudence convention and AS 2 require lower of cost and NRV.

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Question #2

The 'Ledger Folio' (L.F.) column in journal is filled when:

A. Final accounts are made

B. Trial balance is prepared

C. Posting is done to ledger

D. Transaction is recorded

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Correct Answer: Option C

Explanation:
Ledger folio is written in journal after posting to ledger, indicating the page number of ledger.

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

Question #3

S1: Under GST, the 'Reverse Charge Mechanism' (RCM) is applicable on the import of services. S2: Under RCM, the supplier is liable to pay the GST. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. Both S1 and S2

D. S1 only

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Correct Answer: Option D

Explanation:
S1 is correct; RCM applies to the import of services. S2 is incorrect because under RCM, the liability to pay GST shifts from the supplier to the recipient of the goods or services.

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

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