If some item of revenue expenditure is misclassified as capital expenditure, it can be said that this objective is not met

Related MCQs

• 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
• Misclassification of revenue expenditure resulting in a saving in a grant when in fact there has been an excess is an example of.
• If the monthly accounts of some Treasuries or Public Works Divisions are excluded from the Accounts of a State Government, it affects this objective
• 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
• The Primary objective of a financial audit is to
• This financial audit objective directly tests for potential overstatement of assets and liabilities
• The three levels of substantive procedures that can be performed in decreasing order of assurance required are:
• These are performed if the audit team identifies a risk that could lead to potential material misstatement and where no reliance can be placed on mitigating controls to address the risk