Correct Answer:
B. International Organization of Supreme Audit Institutions
INTOSAI is the global umbrella organization for SAIs.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
INTOSAI stands for:
Related MCQs
Goodwill arises in a business combination when:
A.
The fair value of net assets exceeds the purchase price
B.
A company issues bonus shares
C.
A company revalues property
D.
The purchase consideration exceeds the fair value of identifiable net assets acquired
Correct answer is:
D. The purchase consideration exceeds the fair value of identifiable net assets acquired
Do you agree with this answer?
The normal balance of an asset account is:
A.
Debit
B.
Credit
C.
Zero
D.
Either debit or credit depending on the month
Correct answer is:
A. Debit
Do you agree with this answer?
Regularity audit in the public sector comprises:
A.
Performance audit only
B.
Financial audit and compliance audit
C.
Tax audit only
D.
Environmental audit only
Correct answer is:
B. Financial audit and compliance audit
Do you agree with this answer?
Control risk is the risk that a material misstatement:
A.
Will not be detected by the auditor's procedures
B.
Occurs because of changes in tax law
C.
Occurs only in cash transactions
D.
Will not be prevented or detected on a timely basis by the entity's internal control
Correct answer is:
D. Will not be prevented or detected on a timely basis by the entity's internal control
Do you agree with this answer?
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
Do you agree with this answer?
If production exceeds sales in a period, profit under absorption costing compared with variable costing will be:
A.
Lower
B.
Higher
C.
The same
D.
Zero
Correct answer is:
B. Higher
Do you agree with this answer?
Leave a Reply