Insurance relating to the year 2013-14 was paid in 2012-13 in advance. The same was however booked as expenditure in 2012-13. This does not meet the objective of

Related MCQs

• If some item of revenue expenditure is misclassified as capital expenditure, it can be said that this objective is not met
• Reflecting all the transactions relating to the period of the accounts without regard to the actual date of payment or receipt is also called
• The following types of financial statements are audited in respect of Union, State and UT Governments i Finance Accounts ii Appropriation Accounts iii Balance Sheet iv Statements of Expenditure
• Which of these is the correct set of general financial audit objectives for income & expenditure account
• For accounts prepared on cash basis, in respect of gross receipts/expenditure, materiality percentage would be
• Misclassification of revenue expenditure resulting in a saving in a grant when in fact there has been an excess is an example of.
• The Primary objective of a financial audit is to
• This financial audit objective directly tests for potential overstatement of assets and liabilities
• If the monthly accounts of some Treasuries or Public Works Divisions are excluded from the Accounts of a State Government, it affects this objective
• Transaction audit is linked to a specific assurance on an individual set of financial Statements in a particular year