Accounting Concepts, Principles and Procedures
Where the provisions of the companies Act are violated, the auditor must report the same to the:
Shareholders
Managing directors
Board of directors
Central government
Board of directors
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B. Chartered Accountant
C. All of the above
D. Nome of the above
A costing system that tracks costs to a specific lot of a product is which kind of costing system?
A. Activity based costing system
B. Backflush costing system
C. Process costing system
D. Job order costing system
Assets โ Liabilities = ____?
A. Net Income
B. Revenue
C. Net Loss
D. Shareholderโs Equity
A primary user of accounting information with a direct financial interest in the business is aโฆ?
A. labour union
B. director
C. taxing authority
D. regulatory agency
What is the normal balance for an expense account?
A. Credit
B. Debit
C. Contraliability
D. None of these
When revenue is greater than expenses, you have a ___?
A. Net Loss
B. Net Income
C. Contributed Capital
D. Historical Valuation
In the term โBalance C/Dโ, what does โC/Dโ stand for?
A. caught down
B. carry down
C. carry does it
D. caught does it
One response to “Where the provisions of the companies Act are violated, the auditor must report the same to the:”
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Where the provisions of the companies Act are violated, the auditor must report the same to the:
Correct Answer: Board of directors
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