Correct Answer:
B. International Auditing and Assurance Standards Board (IAASB)
The IAASB, operating under IFAC, develops and issues ISAs. The IASB issues IFRS.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
Which body issues the International Standards on Auditing (ISAs)?
Related MCQs
Unearned (deferred) revenue is reported as:
A.
An asset
B.
Revenue of the current period
C.
An expense
D.
A liability
Correct answer is:
D. A liability
Do you agree with this answer?
The Supreme Audit Institution (SAI) of Pakistan is:
A.
The Securities and Exchange Commission of Pakistan
B.
The Federal Board of Revenue
C.
The Auditor-General of Pakistan
D.
The State Bank of Pakistan
Correct answer is:
C. The Auditor-General of Pakistan
Do you agree with this answer?
The matching principle requires that:
A.
Expenses are recorded in the same period as the revenues they helped to earn
B.
Debits equal credits
C.
Assets equal liabilities
D.
Revenues are recorded when cash is received
Correct answer is:
A. Expenses are recorded in the same period as the revenues they helped to earn
Do you agree with this answer?
Pakistan Investment Bonds (PIBs) are:
A.
Short-term overnight instruments
B.
Shares of the State Bank
C.
Foreign currency notes
D.
Medium to long-term government debt securities
Correct answer is:
D. Medium to long-term government debt securities
Do you agree with this answer?
Primary balance is the fiscal balance:
A.
Including interest payments
B.
Excluding interest payments
C.
Excluding revenue
D.
Including only capital expenditure
Correct answer is:
B. Excluding interest payments
Do you agree with this answer?
The business entity concept states that:
A.
The owner and business are the same person
B.
The business is a separate accounting unit from its owner
C.
The business has no obligations
D.
Only companies are entities
Correct answer is:
B. The business is a separate accounting unit from its owner
Do you agree with this answer?
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