Correct Answer:
D. Actual expenditure with the grants or appropriations authorized by the legislature
It shows savings or excesses against each grant.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
An appropriation account compares:
Related MCQs
Irregular expenditure generally means expenditure:
A.
Incurred without compliance with rules, regulations or proper sanction
B.
That is within the budget and rules
C.
That is less than expected
D.
Made in a leap year
Correct answer is:
A. Incurred without compliance with rules, regulations or proper sanction
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The Public Account of the Federation under Article 78(2) includes:
A.
Only tax revenue
B.
Only foreign loans
C.
Only provincial taxes
D.
All other moneys received by or on behalf of the Federal Government that are not part of the Federal Consolidated Fund
Correct answer is:
D. All other moneys received by or on behalf of the Federal Government that are not part of the Federal Consolidated Fund
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Which of the following is an intangible asset?
A.
A delivery van
B.
A patent
C.
Inventory
D.
Accounts receivable
Correct answer is:
B. A patent
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The journal entry for goods sold on credit is:
A.
Debit Sales, Credit Accounts Receivable
B.
Debit Cash, Credit Sales
C.
Debit Purchases, Credit Accounts Payable
D.
Debit Accounts Receivable, Credit Sales
Correct answer is:
D. Debit Accounts Receivable, Credit Sales
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Computer-assisted audit techniques (CAATs) are used by auditors to:
A.
Replace professional judgment entirely
B.
Prepare the client's tax returns
C.
Avoid documenting the audit
D.
Analyze large volumes of electronic data and test systems and controls
Correct answer is:
D. Analyze large volumes of electronic data and test systems and controls
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Under the cash basis of accounting, transactions are recognized when:
A.
They are earned or incurred
B.
Cash is received or paid
C.
They are budgeted
D.
They are audited
Correct answer is:
B. Cash is received or paid
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