Correct Answer:
D. Between the date of the financial statements and the date of the auditor's report
ISA 560 deals with events after the reporting date up to the auditor's report date, and facts discovered after it.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
Subsequent events are events occurring:
Related MCQs
Re-appropriation means:
A.
Transfer of funds from one head or sub-head to another within the same grant
B.
Returning all money to the treasury
C.
Taking a new foreign loan
D.
Writing off bad debts
Correct answer is:
A. Transfer of funds from one head or sub-head to another within the same grant
Do you agree with this answer?
Propriety audit examines whether expenditure:
A.
Is the lowest in the world
B.
Has been approved by the Prime Minister
C.
Is paid in cash
D.
Is in line with standards of financial rectitude and sound financial principles, even if technically within rules
Correct answer is:
D. Is in line with standards of financial rectitude and sound financial principles, even if technically within rules
Do you agree with this answer?
Which of the following is NOT one of Adam Smith's canons of taxation?
A.
Equity
B.
Certainty
C.
Elasticity
D.
Economy
Correct answer is:
C. Elasticity
Do you agree with this answer?
Zero-based budgeting (ZBB) requires that:
A.
Last year's budget be increased by inflation
B.
Every expenditure be justified from zero in each budget cycle
C.
Budgets be zero in the first year
D.
No deficit be allowed
Correct answer is:
B. Every expenditure be justified from zero in each budget cycle
Do you agree with this answer?
Observation of the client's physical inventory count mainly provides evidence of:
A.
Ownership of inventory
B.
Valuation of inventory at net realizable value
C.
Fraud in payroll
D.
Existence of inventory
Correct answer is:
D. Existence of inventory
Do you agree with this answer?
Which of the following is an example of non-tax revenue?
A.
Royalties and fees for government services
B.
Income tax
C.
Sales tax
D.
Customs duty
Correct answer is:
A. Royalties and fees for government services
Do you agree with this answer?
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