Correct Answer:
A. Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
It is about spending wisely, not just cheaply.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
Value for money in public audit refers to:
Related MCQs
Line-item budgeting is a budget format that:
A.
Lists expenditure by inputs such as salaries and supplies
B.
Links spending to results
C.
Starts from zero each year
D.
Excludes salaries
Correct answer is:
A. Lists expenditure by inputs such as salaries and supplies
Do you agree with this answer?
When shares are issued at a price above their par value, the excess is credited to:
A.
Retained earnings
B.
Share premium
C.
Revenue
D.
Loan account
Correct answer is:
B. Share premium
Do you agree with this answer?
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
Do you agree with this answer?
A transfer price is:
A.
The price charged to external customers
B.
The price of raw materials from suppliers only
C.
The price at which goods or services are transferred between divisions of the same organization
D.
A government-regulated price
Correct answer is:
C. The price at which goods or services are transferred between divisions of the same organization
Do you agree with this answer?
In zero-based budgeting, managers must:
A.
Add a fixed percentage to last year's budget
B.
Justify every budgeted item from zero in each budget period
C.
Use only last year's figures
D.
Avoid preparing a budget
Correct answer is:
B. Justify every budgeted item from zero in each budget period
Do you agree with this answer?
Under IAS 16, property, plant and equipment is initially measured at:
A.
Cost
B.
Net realizable value
C.
Selling price
D.
Fair value less tax
Correct answer is:
A. Cost
Do you agree with this answer?
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