Correct Answer:
D. Completeness
Starting from documents and checking they were recorded tests for omissions, i.e. completeness.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
Tracing from source documents (e.g. goods received notes) to the accounting records mainly tests:
Related MCQs
The cut-off assertion is concerned with whether:
A.
Assets are properly insured
B.
Transactions and events are recorded in the correct accounting period
C.
Employees are paid on time
D.
Taxes are paid before the deadline
Correct answer is:
B. Transactions and events are recorded in the correct accounting period
Do you agree with this answer?
The imprest cash system in a government office means that:
A.
No cash is ever kept
B.
Cash is deposited daily with no records
C.
All payments are made in kind
D.
A fixed amount of cash is kept for petty expenses and replenished on submission of vouchers
Correct answer is:
D. A fixed amount of cash is kept for petty expenses and replenished on submission of vouchers
Do you agree with this answer?
Which Article of the Constitution of Pakistan provides for reports of the Auditor-General to be submitted to the President to be laid before Parliament?
A.
Article 10
B.
Article 62
C.
Article 199
D.
Article 171
Correct answer is:
D. Article 171
Do you agree with this answer?
A stock split:
A.
Reduces the number of shares
B.
Raises new capital
C.
Distributes cash to shareholders
D.
Increases the number of shares and reduces the price per share without changing total equity
Correct answer is:
D. Increases the number of shares and reduces the price per share without changing total equity
Do you agree with this answer?
According to IPSAS 23, taxes and transfers are classified as:
A.
Exchange transactions
B.
Non-exchange transactions
C.
Capital transactions
D.
Contingent assets
Correct answer is:
B. Non-exchange transactions
Do you agree with this answer?
According to the NPV rule, an independent project should be accepted if its NPV is:
A.
Negative
B.
Positive
C.
Zero or negative
D.
Equal to the initial investment
Correct answer is:
B. Positive
Do you agree with this answer?
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