Which of the following is a type of audit risk? MCQ with Answer and Explanation

Question
Which of the following is a type of audit risk?
A. All of the above
B. Control Risk
C. Detection Risk
D. Inherent Risk
Answer: Option A
Solution (By JKSSB Mock Tests)
Audit risk comprises Inherent Risk, Control Risk, and Detection Risk, which together determine the overall risk of an incorrect audit opinion.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Equalisation Levy' in India is a tax on:
A. Personal income
B. All goods
C. Income from agriculture
D. Digital transactions by non-resident companies
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Correct Answer: Option D

Explanation:
Equalisation levy, often called 'Google tax', is on specified digital services provided by non-residents.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which accounting principle mandates that a business will continue its operations indefinitely?
A. Business Entity Concept
B. Dual Aspect Concept
C. Accounting Period Concept
D. Going Concern Concept
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Correct Answer: Option D

Explanation:
The Going Concern Concept assumes the enterprise has neither the intention nor the need to liquidate or curtail materially the scale of its operations.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs?
A. Rs 50,000
B. Rs 10,000
C. Rs 1,000
D. Rs 5,000
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Correct Answer: Option D

Explanation:
Currently, the maximum penalty under section 234F for delayed filing is Rs 5,000 (Rs 1,000 if total income is under 5 lakhs).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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