Question
When the profit obtained by
selling an item for Rs. 768 is the same as the loss suffered when the item is sold for Rs. 312. What would be the selling price (in Rs.) of the item to achieve a profit of 12%?Solution
ATQ, Cost price of the item = (768 + 312) ÷ 2 = Rs. 540 So, required selling price = 540 × 1.12 = Rs. 604.80
Which of the following is NOT part of auditor’s understanding of the entity and its environment under SA 315?
Which of the following financial statements can be prepared using a receipt and payment account?
Which of the following is NOT a key element of an independent auditor’s report under SA 700?
During a statutory audit, the auditor discovers a pattern of journal entries posted near year-end reversing shortly after year-end that inflate reported...
Vouching primarily relates to:
Internal auditor is removed and appointed by which among the following?
Which of the following provides the most reliable audit evidence?
Which of the following is NOT a type of audit opinion as per SA 700?
Internal check is a part of the:
Why must auditors obtain an understanding of internal control even if they do not intend to rely on it?
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