Some fixed assets owned by company are installed at homes of employees. What should be written in location column of Fixed Asset Register?
public poll

b. Actual address of home of employee – 41
👍👍👍👍👍👍👍 50%

c. Name & Designation of employee – 32
👍👍👍👍👍 39%

a. Registered address of company – 7
👍 9%

d. Simply not applicable – 2
▫️ 2%

👥 82 people voted so far.

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Answer to MCQ is "C"

c. Name & Designation of employee
Explanation

As per guidance note on CARO, if assets are at residence of employee then we have to specify name & designation in location column of fixed asset register.

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- Loan 100Cr -- Int Accrued & Due 10Cr -- Int Accrued But Not Due 20Cr -- Principal due within 3 mts 30Cr What should appear under other current liability in balance sheet ?
public poll

d. 40 Cr – 53
👍👍👍👍👍👍👍 63%

b. 60 Cr – 22
👍👍👍 26%

c. 30 Cr – 6
👍 7%

a. 160 Cr – 3
▫️ 4%

👥 84 people voted so far.

Answer to MCQ is "C"

Explanation

Interest Accrued and 20 Cr Interest Accrued & Due 10 Cr both will be shown in other current liability. Further 30 Cr due within 3 months will also be shown in other current liability.

So in totality 60 Cr will be shown in other current liability.

Correct answer is "B" ignore above typo error, reason given is correct.

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If Inherent Risk is 40%, Control Risk is 50% and Acceptable Audit Risk is 5%, What should be Detection Risk?
public poll

b. 25% – 58
👍👍👍👍👍👍👍 67%

d. 10% – 15
👍👍 17%

a. 20% – 11
👍 13%

c. 2% – 2
▫️ 2%

👥 86 people voted so far.

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Answer to MCQ is "b"

Explanation

Audit Risk = Inherent Risk x Control Risk x Detection Risk

AR = IR x CR x DR

0.05 = 0.4 x 0.5 x DR
0.05 = 0.2 x DR
DR = 0.05 / 0.2
DR = 5/20

DR = 25%

Some students used "+" instead of "x" , so be careful.

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If risk increases sample size increases. What will happen if population size increases?
public poll

c. Negligible Effect on Sample Size – 64
👍👍👍👍👍👍👍 62%

a. Sample Size Increases – 30
👍👍👍 29%

d. Both are unrelated – 8
👍 8%

b. Sample Size Decreases – 2
▫️ 2%

👥 104 people voted so far.

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