Correct Answer:
A. Four years or until the age of sixty-five, whichever is earlier
Article 168 fixes a four-year term or age 65, whichever comes first.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The Auditor-General of Pakistan holds office for a term of:
Related MCQs
A bonus issue of shares:
A.
Raises new cash for the company
B.
Capitalizes reserves and brings in no cash
C.
Reduces the number of shares
D.
Is a payment of cash dividend
Correct answer is:
B. Capitalizes reserves and brings in no cash
Do you agree with this answer?
Auditor independence consists of:
A.
Independence of audit fees only
B.
Independence from the auditing standards
C.
Independence of mind and independence in appearance
D.
Independence from the audit working papers
Correct answer is:
C. Independence of mind and independence in appearance
Do you agree with this answer?
Risk-free rate is 5%, beta is 1.2 and expected market return is 10%. The cost of equity under CAPM is:
A.
11%
B.
12%
C.
6%
D.
10%
Correct answer is:
A. 11%
Do you agree with this answer?
Under the imprest system of petty cash, the petty cash is:
A.
Never reimbursed
B.
Kept without a limit
C.
Reimbursed periodically to restore it to a fixed amount
D.
Recorded only in the ledger
Correct answer is:
C. Reimbursed periodically to restore it to a fixed amount
Do you agree with this answer?
The National Finance Commission (NFC) is constituted under:
A.
Article 90 of the Constitution
B.
Article 140 of the Constitution
C.
Article 175 of the Constitution
D.
Article 160 of the Constitution
Correct answer is:
D. Article 160 of the Constitution
Do you agree with this answer?
Which of the following is an adjusting event after the reporting period?
A.
A fire destroying a warehouse after year end
B.
Announcement of a major acquisition after year end
C.
A fall in market value of investments caused by events after year end
D.
A court case settled after year end confirming an obligation that existed at the reporting date
Correct answer is:
D. A court case settled after year end confirming an obligation that existed at the reporting date
Do you agree with this answer?
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