Consolidation Of Financial Statements

answered on 28-Sep-22 17:16

Why they have deducted amount of dividend in calculation of Minority Interest.

latest answer

Ok thanks

Harsh Mittal

CA Final

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3

141

Branch Account

answered on 24-Sep-22 15:52

Do we create BRANCH CREDITORS account in branch accounting???

latest answer

Many of the case NO, BUT if the branch purchase goods, other than those sent by HO , on credit thencreditors account may be asked . I don't think will be asked in exam

Prathmesh kharul

CA Foundation

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2

153

Audit sampling

answered on 24-Sep-22 10:36

Why auditor does not perform test of controls when expected rate of deviation is unacceptably high?

latest answer

Tests of control are only performed when the auditor believes that the control risk is low, enabling them to verify this assessment. However, a test of details is almost always required to obtain sufficient audit evidence. If expected rate of deviation is unacceptably high, that means control risk is high ie. controls are not reliable as such. So, the auditor does not perform tests of controls. If a companyâ??s internal controls are working effectively, it reduces the need for additional substantive audit procedures. When errors are found during the tests of internal controls, auditors can take this process to the next step by increasing their audit sampling size. But if the expected deviation rate exceeds the tolerable deviation rate, the auditor sets control risk at maximum without sampling

Naveen Kumar S

CA Inter

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202

Sets

answered on 23-Sep-22 21:54

I is set of isosceles triangles and E is the set of equilateral triangles,then what will be the answer 1) I is the subset of E or 2) E is the subset of I On my POV, 1) shall be the answer, because not all isosceles triangle are equilateral whereas all equilateral triangles are isosceles; but the given answer is 2) Kindly clarify

latest answer

Glad we could help.

Yamuna S

CA Inter

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7

251

Ch 03

answered on 24-Sep-22 09:43

Can anyone explain me the bleep image of 9 th point in simple terms pls......

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Welcome. Glad I could help.

Deepa

CA Inter

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9

244

Doubt

answered on 23-Sep-22 20:48

Examine whether correct or incorrect with short reason. If the auditor is unable to obtain sufficient appropriate audit evidence regarding the opening balances, the auditor shall include an Emphasis of Matter paragraph in the auditorâ??s report.

latest answer

Oh okay, thank you.

Abishek Narain

CA Inter

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2

203

Sec 135

answered on 23-Sep-22 23:22

Mam we should treat the surplus in any one of the following by end of FY within 6months. But for preparation of FS it will take sometime right... How the period of 6months is justified. It is likely to be less than 6months right?

latest answer

Basically they said within end of 6months, but since CSR committee is having limited functions they carry on this activity along with accountant and then decide to treat the surplus in any one of the following. In case CSR committee not available then BOD themselves involve with accountant and does this decision hand by hand within end of 6months.

Sugam SM

CA Inter

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2

194

Valuation under customs act

answered on 26-Sep-22 18:40

Rule-3 - Determination of the Method of Valuation for Imported goods Sub-rule - 3 Clause - C Can you extend this with any one example sir

latest answer

As per Rule 3, we do not consider any other alternate valuation we consider only the transaction value subject to adjustments made under Rule 10. However, if Rule 3 value is rejected then the alternate rules come into play.

Gandlapati Hari Reddi

Qualified CA

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235

Audit of Banks

answered on 24-Sep-22 10:58

Can someone explain stress testing in simple words.

latest answer

Stress testing is a computer-simulated technique to analyze how banks perform in drastic economic scenarios. Stress testing helps assess investment risk and the adequacy of assets, as well as to help evaluate internal processes and controls.

Swetha S

CA Inter

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3

224

Customs act - Valuation under Customs Act

answered on 28-Sep-22 14:52

Sir, in this they're related parties na since exporter holds more than 5% of the share capital

latest answer

5% point will apply only when one company holds in both the entities.

Gandlapati Hari Reddi

Qualified CA

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1

205