Correct Answer:
A. It has adequate resources and control over its budget to perform its mandate
Independence of funding protects the SAI from pressure by audited bodies.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
Financial independence of a Supreme Audit Institution means that:
Related MCQs
IPSAS (International Public Sector Accounting Standards) are issued by:
A.
International Accounting Standards Board (IASB)
B.
International Monetary Fund (IMF)
C.
International Public Sector Accounting Standards Board (IPSASB)
D.
World Bank
Correct answer is:
C. International Public Sector Accounting Standards Board (IPSASB)
Do you agree with this answer?
Under the weighted average cost method, the cost per unit is calculated as:
A.
The cost of the latest purchase
B.
The cost of the oldest purchase
C.
Total cost of goods available divided by total units available
D.
The selling price less profit
Correct answer is:
C. Total cost of goods available divided by total units available
Do you agree with this answer?
Operating income is Rs. 150,000 and average invested assets are Rs. 1,000,000. Return on investment (ROI) is:
A.
6.67%
B.
150%
C.
1.5%
D.
15%
Correct answer is:
D. 15%
Do you agree with this answer?
A contingency fund is:
A.
A fund kept to meet urgent unforeseen expenditure
B.
A fund for planned salaries
C.
A fund for repayment of loans only
D.
A private fund of officers
Correct answer is:
A. A fund kept to meet urgent unforeseen expenditure
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Beta measures:
A.
Unsystematic risk
B.
Liquidity of a security
C.
Systematic (market) risk of a security
D.
Dividend yield
Correct answer is:
C. Systematic (market) risk of a security
Do you agree with this answer?
The Public Account of the Federation is used for:
A.
Paying salaries only
B.
Moneys received by the Government other than the Consolidated Fund, such as deposits and trust funds
C.
Voting on the budget
D.
Collecting customs duty
Correct answer is:
B. Moneys received by the Government other than the Consolidated Fund, such as deposits and trust funds
Do you agree with this answer?
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