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

Question

Share Report Error

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

A 'Credit Voucher' is used to record:

A. Journal entries

B. Cash receipts

C. Cash sales

D. Credit purchases

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Credit voucher is prepared for all cash/bank receipts.

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

Question #2

The 'Component Accounting' is required under:

A. AS 15

B. Ind AS 16 / AS 10

C. AS 2

D. AS 13

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Ind AS 16 requires significant parts of an asset to be depreciated separately.

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

Question #3

Goods withdrawn by the owner for personal use should be credited to:

A. Sales Account

B. Purchases Account

C. Capital Account

D. Drawings Account

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
When goods are withdrawn for personal use, the Purchases Account is credited to reduce the cost of goods available for sale, and Drawings is debited.

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

Explore All Accountancy and Book Keeping MCQs