CA Notes | CA Inter, Final & Foundation

📣 ICAI through its CMIB organizing Job Fair for CA inter/ IPCC/PCC/ PE- II qualified candidates to provide them placement opportunity. 📌 For more details and registration please visit: cmib.icai.org #JobFair #Placements #CAInter https://t.co/WVLohzaf4O . ╔════•| ✿ |•════╗ •┈✵❥ @ca_notes ❥✬✵┈• ╚════•| ✿ |•════╝

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🔘 An Auditor can conduct audit for only _____ insurance companies anonymous poll a) 1 – 163 👍👍👍👍👍👍👍 91% b) 2 – 7 ▫️ 4% d) 4 – 6 ▫️ 3% c) 3 – 4 ▫️ 2% 👥 180 people voted so far.

🔰 Pattern of MCQ Questions (30 Marks) from May 2019 Exam 💁 For CA Final Old & New , CA IPCC & CA Inter 🔃Multiple choice questions (MCQs) will carry 1 or 2 marks. 🔃The 1 Mark MCQs would be in the range of 10 to 16 MCQs. 🔃The 2 Marks MCQs would be in the range of 7 to 10 MCQs. 🔃 Each MCQ will have 4 options, out of which 1 option would be the correct answer. 🔃 MCQs will be compulsory and there would be no internal or external choice in them. 🔃 MCQs may be either knowledge-based or application-based. The skill level would be either “knowledge and comprehension” or “application and analysis”. 🔃There will be no negative marking for wrong answers. 🔃 No reasoning is required for answers to MCQs ❂➸Join Us 🔜 @CA_NOTES

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#ICAI_Results of - 🔄 Final, Foundation Examination, Common Proficiency Test and Information Systems Audit(ISA) Assessment Test held in the month of November/December 2018 are likely to be declared on Wednesday, the 23rd January 2019 at around 6.00 PM. आ गया फरमान !!! #ICAI_RESULTS 📌 Source : Tweet of Central Council Member of ICAI https://t.co/S5sMDqM9iH ◈◉◎┄┅══❂❣❂══┅┄◎​◉◈ ╭──๏┅════۞═══┅๏──╮ ❂➸Join Us 🔜 @CA_NOTES ❂➸Join Us 🔜 @CA_UPDATE ╰──๏┅════۞═══┅๏──╯

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🔘 The basic requirement which is absent is auditing is _____ anonymous poll d) All of the above – 192 👍👍👍👍👍👍👍 83% a) Exact accounts – 19 👍 8% c) Conclusive evidence – 18 👍 8% b) Certainty in financial statements – 3 ▫️ 1% 👥 232 people voted so far.

🔘 Which is NOT the function of an auditor? anonymous poll d) To prepare accounts – 299 👍👍👍👍👍👍👍 95% a) To give a true and fair view – 7 ▫️ 2% b) To take care of all the statutory acts applicable – 4 ▫️ 1% c) To do arithmetic checking – 4 ▫️ 1% 👥 314 people voted so far.

🔘 Function of audit is to _____ anonymous poll d) All the above – 232 👍👍👍👍👍👍👍 86% c) Safeguard the interest of stakeholders – 32 👍 12% a) Detect errors – 4 ▫️ 1% b) Detect fraud – 3 ▫️ 1% 👥 271 people voted so far.

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🔘 Auditor should have communication skills in following areas _____ anonymous poll c) Both (a) and (b) – 364 👍👍👍👍👍👍👍 96% d) He does not require any communication skills – 7 ▫️ 2% a) Oral skills – 5 ▫️ 1% b) Written skills – 5 ▫️ 1% 👥 381 people voted so far.

🔘 Auditor should have knowledge of _____ anonymous poll d) All of these – 357 👍👍👍👍👍👍👍 98% a) Accounting – 3 ▫️ 1% b) Auditing – 3 ▫️ 1% c) Law applicable on the entity – 3 ▫️ 1% 👥 366 people voted so far.

🔘 If auditor maintains high degree of independence, it will result in _____ anonymous poll c) Enhanced reliability on financial statements – 308 👍👍👍👍👍👍👍 95% a) Attention of media – 10 ▫️ 3% d) Good relationship with the entity. – 4 ▫️ 1% b) Reward by CG – 3 ▫️ 1% 👥 325 people voted so far.

🔰 Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet *1. Threshold limit increased to 40 Lakhs* Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh. *Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by FM* *2. Power to states* Now states will be able to choose if they want to keep the GST exemption limit at Rs 20 lakh or Rs 40 lakh, Jaitley said. *3. Composition limit increased to 1.5Cr from the present 1 cr* The existing Composition Scheme turnover threshold raised to Rs 1.5 crore. Those who use the scheme from April 1,2019 *4 Quarterly payment and Annual Return* Now Composition tax payers will pay tax quarterly, but file returns annually. *5 Composition scheme for services* Those providing services or mixed supplies (goods and services) with a turnover up to Rs 50 lakhs will now be entitled to avail composition scheme. *6 Rate for services under comp scheme @ 6%* Compounding rate for services under composition scheme is fixed at 6 percent. *7 RealEstate* A committee has been set up to consider real estate GST rates, a consensus is yet to be achieved, says FM Arun Jaitley. *8 Calamity cess by Kerela @1%* GST Council lets Kerala levy 1% cess for 2 years on intra-state sales: Finance Minister 📣 JOIN US : @CA_NOTES