Correct Answer:
C. Article 169
Article 169 deals with the audit of accounts of the Federation and the Provinces.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The Auditor-General’s functions regarding the audit of accounts of the Federation and the Provinces are given in:
Related MCQs
The internal rate of return (IRR) is the discount rate at which:
A.
NPV is maximum
B.
Payback period is one year
C.
Accounting profit is zero
D.
NPV of the project equals zero
Correct answer is:
D. NPV of the project equals zero
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Key Audit Matters (KAMs) under ISA 701 are:
A.
Matters that always lead to a qualified opinion
B.
Fraud cases reported to police
C.
Items listed only in the management letter
D.
Matters of most significance in the audit of the current period, communicated in the auditor's report
Correct answer is:
D. Matters of most significance in the audit of the current period, communicated in the auditor's report
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The purpose of an Emphasis of Matter paragraph in the auditor's report is to:
A.
Correct a material misstatement in the financial statements
B.
Draw users' attention to a matter properly presented or disclosed that is fundamental to understanding the financial statements
C.
Modify the audit opinion
D.
Replace the opinion paragraph
Correct answer is:
B. Draw users' attention to a matter properly presented or disclosed that is fundamental to understanding the financial statements
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A contingent liability is:
A.
Always recognized as a liability
B.
Not recognized in the statements but disclosed unless the possibility of outflow is remote
C.
Always ignored
D.
An asset of uncertain value
Correct answer is:
B. Not recognized in the statements but disclosed unless the possibility of outflow is remote
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Pre-audit means that:
A.
Bills and claims are checked before payment is made
B.
Accounts are checked after payment
C.
The audit is done by the court
D.
Audit is skipped
Correct answer is:
A. Bills and claims are checked before payment is made
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Actual quantity used is 480 units, standard quantity allowed is 500 units and the standard price is Rs. 10. The material usage variance is:
A.
Rs. 200 adverse
B.
Rs. 200 favorable
C.
Rs. 5,000 favorable
D.
Rs. 4,800 adverse
Correct answer is:
B. Rs. 200 favorable
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