Correct Answer:
D. Details of its non-current assets such as land, buildings and vehicles
Asset registers help control and safeguard public property.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The fixed assets register of a government entity records:
Related MCQs
Which of the following is an example of a public sector fraud risk indicator?
A.
Payments approved with full documentation
B.
Competitive bidding with several bidders
C.
Payments split into smaller amounts to avoid approval limits
D.
Regular stock verification
Correct answer is:
C. Payments split into smaller amounts to avoid approval limits
Do you agree with this answer?
The four main stages of the budget cycle are:
A.
Printing, signing, filing and storing
B.
Taxation, borrowing, lending and spending
C.
Formulation, legislative approval, execution, and audit and evaluation
D.
Planning, hiring, training and retiring
Correct answer is:
C. Formulation, legislative approval, execution, and audit and evaluation
Do you agree with this answer?
Horizontal (trend) analysis compares:
A.
Items within one period only
B.
Financial statement items over several periods
C.
Two different industries
D.
Debits and credits
Correct answer is:
B. Financial statement items over several periods
Do you agree with this answer?
The Public Procurement Regulatory Authority (PPRA) in Pakistan is responsible for:
A.
Collecting income tax
B.
Regulating public procurement and making procurement rules
C.
Printing currency
D.
Auditing banks
Correct answer is:
B. Regulating public procurement and making procurement rules
Do you agree with this answer?
Statistical sampling is characterized by:
A.
Selection of items based only on the auditor's judgment
B.
Random selection and use of probability theory to evaluate results
C.
Examining only unusual items
D.
Testing the first 50 items in the ledger
Correct answer is:
B. Random selection and use of probability theory to evaluate results
Do you agree with this answer?
The Lima Declaration of 1977 is concerned with:
A.
Guidelines on auditing precepts for public sector auditing
B.
Rules for the accounting of private companies
C.
Banking supervision
D.
Tax treaties
Correct answer is:
A. Guidelines on auditing precepts for public sector auditing
Do you agree with this answer?
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