Correct Answer:
B. The Secretary of the ministry or division
The PAO is responsible for accounting for funds of the ministry before PAC.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The Principal Accounting Officer (PAO) of a federal ministry or division is generally:
Related MCQs
Fixed costs are Rs. 90,000 and the contribution margin ratio is 30%. The break-even sales value is:
A.
Rs. 270,000
B.
Rs. 300,000
C.
Rs. 120,000
D.
Rs. 900,000
Correct answer is:
B. Rs. 300,000
Do you agree with this answer?
As production volume increases within the relevant range, fixed cost per unit:
A.
Decreases
B.
Increases
C.
Stays the same
D.
Becomes zero
Correct answer is:
A. Decreases
Do you agree with this answer?
Under the ISAs, analytical procedures are required to be performed at which stages of the audit?
A.
Only when fraud is suspected
B.
Only during the interim visit
C.
Risk assessment and the overall review near the end of the audit
D.
Only for listed companies
Correct answer is:
C. Risk assessment and the overall review near the end of the audit
Do you agree with this answer?
A prepaid expense is shown in the statement of financial position as:
A.
A current liability
B.
A current asset
C.
Equity
D.
Revenue
Correct answer is:
B. A current asset
Do you agree with this answer?
An auditor's report on the financial statements of a company is generally addressed to:
A.
The tax inspector
B.
The bank manager
C.
The company's employees
D.
The members or shareholders of the company
Correct answer is:
D. The members or shareholders of the company
Do you agree with this answer?
The date of the auditor's report should be:
A.
The first day of the financial year
B.
No earlier than the date on which the auditor obtained sufficient appropriate evidence to support the opinion
C.
The date of the annual general meeting only
D.
Any date chosen by management
Correct answer is:
B. No earlier than the date on which the auditor obtained sufficient appropriate evidence to support the opinion
Do you agree with this answer?
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