The 'Sufficient Appropriate Audit Evidence' means: MCQ with Answer and Explanation

Question

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The 'Sufficient Appropriate Audit Evidence' means:

A. Only quantity

B. Quantity (sufficiency) and quality (appropriateness - relevance and reliability) of evidence

C. Any evidence

D. Only quality

Answer: Option B

Solution (By JKSSB Mock Tests)

Sufficient relates to quantity, appropriate to quality.

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

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Question #1

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When converting Single Entry to Double Entry, the Bills Receivable dishonored will be:

A. Debited to Total Debtors A/c

B. Credited to Total Debtors A/c

C. Ignored

D. Debited to Cash A/c

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Correct Answer: Option A

Explanation:
Dishonor of a bill reinstates the debtor's liability, thus the Total Debtors Account is debited to increase the balance.

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

Question #2

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The 'Companies Act, 2013' mandates CSR spending for companies with:

A. No mandate

B. Net worth ≥ ₹500 crore, or turnover ≥ ₹1,000 crore, or net profit ≥ ₹5 crore

C. All companies

D. Only listed companies

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Correct Answer: Option B

Explanation:
Section 135 specifies the criteria for mandatory CSR.

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Question #3

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The concept of 'Social Audit' gained mandatory prominence in India under which scheme?

A. MGNREGA

B. Digital India

C. Make in India

D. Swachh Bharat Abhiyan

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Correct Answer: Option A

Explanation:
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) legally mandated regular social audits by Gram Sabhas to monitor works.

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

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