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1. Redeemable preference shares of 10,00,000 were redeemed @ 10% premium out of fresh issue of share capital. What amount shall be transferred to Capital Redemption Reserve Account?

₹10,00,000 ₹1,00,000 Nil None of the above

2. Which of the following reserves cannot be used for the purpose of issuing bonus shares?

Revaluation Reserve Free Reserves Capital Redemption Reserve Securities Premium Account

3. Discount Received shall be shown under Loss in the Statement of Profit and loss :

Revenue from Operation Other Income Finance Cost Other Expenses

4. Which of the following is not treated as Cash Flow from operating activities in Cash Flow Statement?

Cash Receipts from Sale of goods Cash Receipts from Royalties, Commission Cash payments for Insurance premium Cash receipts from other parties for repayment of Loans

5. A Banking Company needs to transfer a minimum of reserve fund of its profit to:

10% 15% 20% 25%

6. Which of the following is not a mandatory financial statement of a Life Insurance Company as per IRDA regulations Schedule A?

Revenue Account Profit and Loss Account Balance Sheet Cash Flow Statement

7. Salary payable per day 1,000; Working days 300; Leave unutilized during the year 3 days; unutilized leaves are not allowed to be carried forward, but are settled through payment. What is the expense to be recognised as per Ind AS 197?

₹3,00,000 ₹3,30,000 ₹3,03,000 ₹3,000

8. Which of the following is not a duty of the Company Auditor as per section 143 of the Companies Act, 2013?

Duty to make enquiry Duty to prepare financial statements Duty to give reasons for negative reporting Duty to comply with the directions of CAG

9. Which of the following is a method of obtaining audit evidence?

Inspection Observation Analytical Review All of the above

10. Which of the following is not an audit risk?

Inherent Risk Detection Risk Control Risk Omission Risk

11. An auditor shall submit disclaimer of opinion when:

the financial statements exhibit true and fair view the financial statements are partially correct the financial statements are incomplete the financial statements are unavailable

12. The first auditor of a Govt. Company is appointed by:

Board of Directors Shareholders Audit Department CAG

13. An Audit Committee should have minimum number of Directors:

4 3 5 6

14. Which of the following is not a part of urban self-governance system in India?

Municipal Corporation Town Panchayat Municipality Municipal Society

15. Auditor in a co-operative society is appointed by the:

Reserve Bank of India National Bank for Agriculture and Rural Development Registrar of Co-operative Societies Secretary, Co-operative Department, State Government

June 24 Corporate Accounting and Auditing Paper