Question
According to SA 240, which of the following is TRUE
regarding auditor’s responsibility in detecting fraud?Solution
Auditors are not responsible to prevent fraud; their role is to obtain reasonable assurance of true and fair financial statements.
A watch is purchased for Rs. 4200 and Rs. 300 is spent on its repair. The watch is then marked 20% above its effective cost price and then sold for Rs....
A shopkeeper marked his article 40% above its cost price and offered a discount of 30%. If cost price of the article is Rs. 750, then find profit or los...
A vendor sets the price of an item 60% more than its cost and sells it after giving a 35% discount. What is the profit or loss percentage?
A shopkeeper marked an article x% above the cost price and sold it after two consecutive discounts of 20% and 25%. Find the value of ‘x’, if in this...
Two vendors sell an electronic gadget for Rs. 1500, making a profit of 20%. One vendor calculates his profit based on cost price, while the other consid...
A merchant increased the price of a blouse by 20%. If the labeled price of the blouse is Rs. 600, and in this transaction, the shopkeeper made a profit ...
On a particular day each of Danny. Edwin and Fahim sold three types of pens from their respective shops. As a coincidence, each of them sold an identica...
A man bought a watch and sold it at a gain of 40%. If he had sold it for a gain of only 25%, his profit would have been Rs.225 less. What was the cost p...
Aman bought two articles for Rs. 840. He sold one at a loss of 20% and another at a profit of 20%. If the selling price of both the articles is equal, t...
A boy buys a lipstick for Rs. 235 and sells it Rs. 141. Find his loss percent.  Â
