The 'Written Representations' from management are required to: MCQ with Answer and Explanation

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The 'Written Representations' from management are required to:

A. Complement other audit evidence and confirm management's responsibilities

B. Be the sole evidence

C. Replace all other audit evidence

D. Only for fraud

Answer: Option A

Solution (By JKSSB Mock Tests)

Written representations support, but do not substitute for, sufficient appropriate evidence.

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 the partnership act, in the absence of a deed, the profit sharing ratio is:

A. Based on service rendered

B. Equal

C. Based on capital contribution

D. Determined by the court

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Correct Answer: Option B

Explanation:
The Indian Partnership Act, 1932, states that if there is no partnership deed, profits and losses must be shared equally among all partners.

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

Question #2

The 'Investment Property' (Ind AS 40) is measured initially at:

A. Fair value

B. Cost

C. Net realisable value

D. Replacement value

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Correct Answer: Option B

Explanation:
Initial measurement is at cost; subsequently either cost model or fair value model.

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

Question #3

The 'Management Letter' in audit is:

A. Engagement letter

B. Tax letter

C. The audit report

D. Communication to management on internal control weaknesses and other observations

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Correct Answer: Option D

Explanation:
Management letter (letter of weakness) suggests improvements in internal controls.

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

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