Correct Answer:
C. International Public Sector Accounting Standards Board (IPSASB)
The IPSASB, under IFAC, develops IPSAS for public sector entities.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
IPSAS (International Public Sector Accounting Standards) are issued by:
Related MCQs
In zero-based budgeting, managers must:
A.
Add a fixed percentage to last year's budget
B.
Justify every budgeted item from zero in each budget period
C.
Use only last year's figures
D.
Avoid preparing a budget
Correct answer is:
B. Justify every budgeted item from zero in each budget period
Do you agree with this answer?
The cost of a machine bought last year and already paid for is, in a new investment decision:
A.
A relevant cash outflow
B.
A future opportunity cost
C.
Added to the project cost
D.
A sunk cost and ignored
Correct answer is:
D. A sunk cost and ignored
Do you agree with this answer?
Under the accrual basis of accounting in the public sector, transactions are recognized when:
A.
Cash is received only
B.
Cash is paid only
C.
They occur, regardless of when cash is received or paid
D.
The budget is approved
Correct answer is:
C. They occur, regardless of when cash is received or paid
Do you agree with this answer?
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
Do you agree with this answer?
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
Do you agree with this answer?
A management representation letter:
A.
Is written confirmation from management that supports other audit evidence but cannot replace it
B.
Is enough evidence on its own for any assertion
C.
Is issued by the auditor to the shareholders
D.
Is needed only for sole proprietorships
Correct answer is:
A. Is written confirmation from management that supports other audit evidence but cannot replace it
Do you agree with this answer?
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