Question
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 the audit report. What should the auditor do?Solution
This is an “adjusting event” under AS-4 (or Ind AS 10), as the condition existed at the balance sheet date and needs to be reflected in the financials.
Statement-based: Consider these statements about the Ninth Schedule of the Constitution and pick the correct option.
S1. The Ninth Schedule’s p...
Under Section 54 of the Transfer of Property Act, 1882, which of the following best defines "sale" of immovable property?
Under the Indian Contract Act, 1872, an agreement not enforceable by law is said to be:
What does "vicarious liability" refer to?
What is the term period of imprisonment that is imposed on a person who obstructs the Chief Inspector, to make an entry, inspection, examination, or inq...
What are the unpaid seller rights under Sale of Goods Act?
What does "service" include according to the definition?
In which of the following torts, the state of mind of a person is relevant for ascertaining his liability?
Which of the following best describes the constitutional status of municipal institutions created under Part IXA of the Constitution?
A is accused of a crime_________.
The fact that, soon after the commission of the crime, A absconded from his house, is relevant under Section
