Which of the following is NOT a function of an auditor? MCQ with Answer and Explanation

Question
Which of the following is NOT a function of an auditor?
A. Verification of assets
B. Preparing financial statements
C. Checking compliance with accounting standards
D. Reporting on true and fair view
Answer: Option B
Solution (By JKSSB Mock Tests)
Preparation of financial statements is the responsibility of management, not the auditor.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
S1: Direct taxes are levied on income and wealth. S2: Direct taxes are regressive in nature. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S2 only
D. S1 only
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Correct Answer: Option D

Explanation:
Direct taxes (like Income Tax) are levied on income and wealth. They are progressive in nature, meaning the tax rate increases with higher income, not regressive. S1 is correct, S2 is incorrect.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Short-Term Capital Gains' on equity shares (STT paid) are taxed at:
A. 20%
B. 15%
C. 10%
D. Normal slab rates
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Correct Answer: Option B

Explanation:
STCG on equity shares where STT is paid is taxed at 15%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Statement of Cash Flows' under Ind AS 7 classifies interest and dividend received by a financial institution as:
A. Any of these
B. Operating activities
C. Financing activities
D. Investing activities
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Correct Answer: Option B

Explanation:
For financial institutions, interest and dividend received are operating activities. For others, they are investing.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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