The 'Subsequent Events' in audit refer to: MCQ with Answer and Explanation

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The 'Subsequent Events' in audit refer to:

A. Events after auditor's report

B. All future events

C. Events before the balance sheet date

D. Events occurring between the balance sheet date and date of auditor's report

Answer: Option D

Solution (By JKSSB Mock Tests)

Auditors consider events after the reporting period up to the date of the report.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Under Activity Based Costing (ABC), costs are allocated based on:

A. Direct Labor Hours

B. Volume of Production only

C. Cost Drivers

D. Machine Hours

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Correct Answer: Option C

Explanation:
ABC traces overheads to specific activities and allocates them to products based on the consumption of 'cost drivers'.

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

Question #2

The 'Expected Credit Loss' model is used in:

A. AS 10

B. AS 2

C. AS 9

D. Ind AS 109

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Correct Answer: Option D

Explanation:
Ind AS 109 introduces expected credit loss for impairment of financial assets.

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Question #3

S1: In the context of PFMS, the 'Direct Benefit Transfer' (DBT) scheme mandates the use of Aadhaar for authentication. S2: DBT transfers funds directly from the government treasury to the beneficiary's bank account. Which statement(s) is/are correct?

A. Both S1 and S2

B. S1 only

C. S2 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
Both statements are correct. DBT aims to eliminate leakages by transferring funds directly to beneficiaries' accounts via PFMS, and it heavily relies on Aadhaar seeding and authentication for identity verification.

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

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