QuizMaster

Which one of the following statements is correct?

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Which one of the following statements is correct?
(A) Internal audit and Management audit are the same
(B) Internal audit and statutory audit are the same
(C) Internal audit is compulsory in all cases
(D) Statutory audit of company accounts is compulsory
Answer: Statutory audit of company accounts is compulsory

Which of the following companies do not have the obligation to get its Articles of Association registered along with the Memorandum of Association ?

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Which of the following companies do not have the obligation to get its Articles of Association registered along with the Memorandum of Association ?
(A) Public Company limited by shares
(B) Unlimited companies
(C) Private companies limited by shares
(D) Companies limited by guarantee
Answer: Public Company limited by shares

Double Entry System was introduced in–

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Double Entry System was introduced in–
(A) America
(B) Japan
(C) India
(D) Italy
Answer: Italy

The modern double-entry bookkeeping system can be attributed to the 13th and 14th centuries when it started to become widely used by Italian merchants. The first known documentation of the double-entry system was first recorded in 1494 by Luca Pacioli, who is widely known today as the “Father of Accounting” because of the book he published that year detailing the concepts of the double-entry bookkeeping method.