Question
Sonu saves 15% of her income. If her income increases by
20% and she still saves the same amount as before, then what is the percentage increase in her expenditure? (correct to one decimal place)Solution
Let the income of Sonu be Rs.100 Savings of Sonu = 100 × (15/100) = Rs. 15 Expenditure of Sonu = 100 – 15 = Rs. 85 New income of Sonu = 100 × (120/100) = Rs. 120 If savings amount same, then new expenditure = 120 – 15 = 105 Her expenditure increased by = 105 – 85 = 20 Her expenditure increased by = 20/85 × 100 ≈ 23.5%
During an audit, the auditor notices that a single person in a company is responsible for authorizing transactions, maintaining records, and custody of ...
Which of the following provides the most reliable audit evidence?
Which of the following deductions is/are available as deduction from income under both the old and new tax regime of Income Tax?
During a statutory audit, the auditor discovers a pattern of journal entries posted near year-end reversing shortly after year-end that inflate reported...
An auditor identifies a material misstatement due to fraud in financial statements. What should be his immediate course of action?
Which principle requires that the financial affairs of the business must be kept separate from the personal affairs of the owner(s)?
 ………………. Is a kind of audit is conducted between two annual audits
Internal check is carried on by
Which of the following statements is true for cash basis accounting?
The internal audit report of XYZ Ltd. reveals irregularities in procurement. The statutory auditor plans to rely on internal audit work. Which standard ...
Relevant for Exams:
