Correct Answer:
C. Regularized through an excess grant approved by the National Assembly
Spending beyond a grant requires legislative regularization (Article 84).
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
Excess expenditure over the grant approved by the legislature must be:
Related MCQs
IPSAS 1 deals with:
A.
Presentation of financial statements
B.
Inventories
C.
Leases
D.
Borrowing costs
Correct answer is:
A. Presentation of financial statements
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Which body issues the International Standards on Auditing (ISAs)?
A.
International Accounting Standards Board (IASB)
B.
International Auditing and Assurance Standards Board (IAASB)
C.
International Monetary Fund (IMF)
D.
World Trade Organization (WTO)
Correct answer is:
B. International Auditing and Assurance Standards Board (IAASB)
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Total variable cost:
A.
Remains constant regardless of activity
B.
Changes in direct proportion to changes in activity level
C.
Decreases as activity increases
D.
Is always zero
Correct answer is:
B. Changes in direct proportion to changes in activity level
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An audit engagement letter is mainly used to:
A.
Record the agreed terms of the audit engagement between auditor and client
B.
Report the audit findings to the public
C.
Confirm receivable balances
D.
Appoint the internal auditor
Correct answer is:
A. Record the agreed terms of the audit engagement between auditor and client
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The going concern concept assumes that a business:
A.
Will be sold next year
B.
Has no liabilities
C.
Will continue its operations for the foreseeable future
D.
Will close at the end of the year
Correct answer is:
C. Will continue its operations for the foreseeable future
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Value for money in public audit refers to:
A.
Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
B.
Spending as little as possible regardless of outcome
C.
Spending the entire budget
D.
Maximizing revenue only
Correct answer is:
A. Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
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