Question
A man deposited 25% of his salary to a bank which offers
compound interest at the rate of 10% p.a. If the interest earned by him from the bank after 2 years is Rs. 2730, find the monthly expenditure of the man which is 54% of his monthly salary.ÂSolution
Let the amount of money deposited in the bank be Rs. ‘x’. So, x × [(1.1)2 – 1] = 2730 0.21x = 2730, x = 13000 So, monthly income of man = 13000/0.25 = Rs. 52000 Required monthly expenditure of man = 52% of 52000 = Rs. 28080
Internal audit is conducted to:
Under CARO 2020, which of the following matters is required to be reported by the auditor?
Process of verifying the documentary evidences of transactions are known as:
An auditor notices that a bank’s internal controls over loan approvals are weak, but substantive testing of balances shows no material misstatements. ...
Which of the following statements is not true?
Which of the following best describes the primary objective of a system of internal control in a large organization?
During an audit, the auditor notices that a single person in a company is responsible for authorizing transactions, maintaining records, and custody of ...
An auditor identifies a significant risk around revenue cut-off due to manual end-period adjustments and complex multi-element contracts. The client pro...
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
Internal check is carried on by
Relevant for Exams:
