Question
‘‘Interest accrued & due on debentures’’ is
shown ...................... .Solution
"Interest accrued & due on debentures" is typically shown in the financial statements under the category of "Other current liabilities." This represents an amount that the company owes in the form of accrued interest on its debentures, which is a short-term liability.
Which of the following financial statements can be prepared using a receipt and payment account?
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
During the audit of ABC Ltd., the auditor identifies that a major debtor who owed ₹2 crore has declared bankruptcy post year-end but before signing of...
Process of verifying the documentary evidences of transactions are known as:
Which of the following best describes the principle of professional skepticism in auditing?
An auditor finds that significant information is missing from financial statements and the effect is material and pervasive. What type of audit opinion ...
Client has breached debt covenants; lender issued waiver valid for 9 months after balance sheet date. Auditor notes liquidity support from group company...
Which principle requires that the financial affairs of the business must be kept separate from the personal affairs of the owner(s)?
An auditor identifies a material misstatement due to fraud in financial statements. What should be his immediate course of action?
……… is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsib...
