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Audit Poll
Grocery Limited is an Indian online grocery delivery service providing a variety of home essentials products and food supplies to its customers.The company's books of accounts consistently showed stronger gross margins in each quarter, however, in actual such profits do not exist. Mr. Mukesh, the CEO of Grocery Limited is worried about the current situation so he requested CA Peter to carry out the audit. After completion of tests of controls and substantive testing, the problem was traced in the accounts department. The staff incorrectly entered the sale prices of each item as Rs 21 instead of Rs 12 which caused miscalculation and showed relatively higher gross margins.In the given scenario, the misstatements in the financial statements is arise from ______
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Audit Poll
The three basic steps in the audit process that are followed are listed below in random order.
(i) The auditor shall obtain understanding of the client's business and ascertain the nature, timing and extent of audit procedures to be performed.
(ii) The auditor shall determine scope of the audit work and ascertain the availability of resources necessary to perform the engagement.
(iii) The auditor shall prepare a checklist that consists of a series of verification procedures to be applied for obtaining sufficient and appropriate audit evidence.
The correct sequence from start to finish would be :
GST Poll
Which of the following activities does not constitute as service?
1. Mr Salim borrows an amount of Rs 50,000 from Mr Aman and agrees to repay the amount of Rs 50,000 after a year.
2. Miss Sara exchanged INR against purchase of US $ for which a commission was charged.
3. XYZ Pvt Ltd applied for loan from ICICI Bank against which a processing fees and interest is charged by the bank.
Income tax Poll
Rajhans Enterprises borrowed Rs. 10 lakhs @ 10% p.a on 01.08.2022 for purchase of a plant and machinery which was put to use on 01.10.2022. What will be the amount of deduction under the head PGBP that will be allowed to Rajhans Enterprises in respect of interest for the A.Y 2023-24?
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Audit Poll
Cool Limited is a leading lifestyle retail chain which has a registered head office in Jaipur. The company offers a variety of fashion products and opened several branches across India. XY & Co LLP has been approached to become the statutory auditor of the company to audit the financial statements of the head office. After performing the client acceptance procedures, the firm has decided to go ahead with an audit engagement. CA Taran, engagement partner scheduled a meeting with engagement team to discuss the nature, timing and extent of audit work. The auditor determined the number of the audit staff, article assistants and managers to be deployed for the audit assignment. CA Taran also determines the extent to which other auditor's work to be reviewed. Which concept is highlighted in the given scenario?
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Audit Poll
Which of the following procedures would an auditor most likely to include in an audit plan of the entity?
(I) Obtain an understanding of the client's business and applicable laws and regulations.
(II) Perform detailed testing of the income tax returns of the board of directors.
(III) Understanding the sources of an entity's earnings.
(IV) Understanding key suppliers and identifying potential related parties.
(V) Obtain an understanding of the entity's accounting policies and principles.
SM Poll
Vidhya Publishers is engaged in publishing of wide range of books. Comic books is one of the six divisions of Vidhya Publishers. The comic book market has a high growth of 30% at present. However, the comic book division of Vidhya Publishers has a low market share of 5% only. The management estimated that they need heavy investments. However, it has low potential to generate cash. Where will the comic book devision of Vidhya Publishers be placed under BCG Growth Matrix?
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GST Poll
Navratan Foods Pvt Ltd, a store located and registered under GST in Uttar Pradesh, has come out with various gift items on the occasion of Diwali. In order to attract more customers, it has decided to supply a gift pack containing 3 packets of Bicano's Namkeen (200 gram each) taxable @ 18%, 1 packet of Roasted Cashews (200 gram) taxable @ 12%, 1 packet of Forreo Rocher Chocolate (50 mg) taxable @ 28% and 1 bottle of Fresh Juice (1 litre) taxable @ 18% in a single basket for a single price of ₹ 1,500. State the type of supply and the tax rate applicable on the same.