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. Any evidence

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

D. Only quality

Answer: Option C

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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S1: GST is a destination-based consumption tax. S2: GST is levied only at the central level. Which statement(s) is/are correct?

A. S2 only

B. S1 only

C. Neither S1 nor S2

D. Both S1 and S2

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Correct Answer: Option B

Explanation:
GST is a destination-based tax, meaning the revenue goes to the state where the goods are consumed, not where they are produced. It is a dual GST, levied by both the Centre (CGST) and States (SGST). S1 is correct, S2 is incorrect.

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Question #2

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The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at:

A. 10% without indexation

B. Exempt

C. 20% with indexation

D. 15%

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Correct Answer: Option A

Explanation:
LTCG on listed equity shares/equity-oriented funds exceeding ₹1 lakh is taxed at 10% without indexation.

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

Question #3

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The 'Customs Bonded Warehouse' allows:

A. Storage of imported goods without payment of customs duty until clearance

B. Destruction of goods

C. Immediate sale of imported goods

D. Re-export without any record

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Correct Answer: Option A

Explanation:
Bonded warehouses store imported goods under customs supervision; duty is deferred.

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

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