Explanation

• The main purpose of an independent audit is to help detect frauds and errors by examining financial records and expressing an independent opinion.
• An audit enhances the reliability and credibility of financial statements.
• Detecting every fraud is not the primary objective, but auditors help identify material misstatements caused by fraud or error.

Last verified on 21-07-2026

Explanation

• Current assets include cash or assets expected to be converted into cash within one year.
• Examples include cash, inventory, and accounts receivable.

Last verified on 21-07-2026

Explanation

• WACC stands for Weighted Average Cost of Capital.
• It is the average rate of return a company must pay to finance its assets through debt, equity, and other capital sources.
• WACC is widely used in financial management, investment decisions, business valuation, and capital budgeting.

Additional information:

• NPV: Net Present Value
• IRR: Internal Rate of Return
• EPS: Earnings Per Share
• ROI: Return on Investment

Last verified on 21-07-2026

Explanation

• The process of costing is relevant to cement industry.
• Process costing is used where products are produced continuously in large quantities and each unit is identical.
• It is commonly applied in industries like cement, chemicals, oil refining, and textiles.

Last verified on 21-07-2026

Explanation

• The audit of a bank is generally conducted through routine checking.
• Routine checking involves regular examination and verification of banking transactions and records.
• It helps ensure accuracy, reliability, and detection of errors.

Last verified on 21-97-2026