Correct Answer:
D. Article 160 of the Constitution
The NFC recommends distribution of resources between the Federation and the provinces.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
The National Finance Commission (NFC) is constituted under:
Related MCQs
Computer-assisted audit techniques (CAATs) are used by auditors to:
A.
Replace professional judgment entirely
B.
Prepare the client's tax returns
C.
Avoid documenting the audit
D.
Analyze large volumes of electronic data and test systems and controls
Correct answer is:
D. Analyze large volumes of electronic data and test systems and controls
Do you agree with this answer?
Fund accounting is commonly used in the public sector because:
A.
Government has no assets
B.
All money is treated as one pool
C.
It avoids the need for budgets
D.
Resources are separated into funds according to purposes or legal restrictions
Correct answer is:
D. Resources are separated into funds according to purposes or legal restrictions
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?
Standard costing is a technique in which:
A.
Only actual costs are recorded
B.
Costs are ignored
C.
Selling prices are fixed by law
D.
Predetermined costs are compared with actual costs to compute variances
Correct answer is:
D. Predetermined costs are compared with actual costs to compute variances
Do you agree with this answer?
INTOSAI stands for:
A.
International Office of Standard Audit and Investigation
B.
International Organization of Supreme Audit Institutions
C.
International Organization of Statutory Auditors and Inspectors
D.
Institute of National Taxation and Statistics
Correct answer is:
B. International Organization of Supreme Audit Institutions
Do you agree with this answer?
The statement of financial position (balance sheet) shows:
A.
Income and expenses for a period
B.
Cash flows for a period
C.
Assets, liabilities and equity at a particular date
D.
Changes in equity only
Correct answer is:
C. Assets, liabilities and equity at a particular date
Do you agree with this answer?
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