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

C. 10 years

D. No rotation

Answer: Option B

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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Net loss for a period is ultimately adjusted against:

A. Capital

B. Assets

C. Sales

D. Liabilities

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Correct Answer: Option A

Explanation:
Net loss reduces owner's equity/capital.

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Question #2

In a partnership, 'Profit and Loss Appropriation Account' is a part of:

A. Profit and Loss Account

B. Double entry system, prepared after P&L Account

C. Trading Account

D. Balance Sheet

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Correct Answer: Option B

Explanation:
It is prepared after determining net profit to show its distribution among partners.

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Question #3

The 'Related Party' as per AS 18 includes:

A. Government

B. All customers

C. Key management personnel and their relatives

D. All suppliers

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Correct Answer: Option C

Explanation:
Related parties include key management, enterprises with control or significant influence, etc.

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