Home › MCQs › SSC Audit Tax Finance P-II › Question #6210
Back to Questions
SSC Audit Tax Finance P-II QUESTION #6210
Question 1
In the audit of a 'Bank Overdraft' of $Rs. 10,250$, the assertion that it is 'repayable on demand' is a matter of:
  • Existence
  • Occurrence
  • Presentation and Disclosure✔️
  • Valuation
Correct Answer Explanation
Classifying an overdraft as a current liability implies it is repayable on demand, which is a 'Presentation and Disclosure' assertion.