Rolling continuous budget feature: Rolling continuous budget feature: A. Lock full-year budget without revision B. Extend budget period forward regularly (month/quarter update) C. Only revise fixed co

A revenue center manager is accountable for: A revenue center manager is accountable for: A. Total operating profit & investment return B. Only sales revenue C. All fixed and variable expenses D.

360-degree performance evaluation’s main drawback 360-degree performance evaluation’s main drawback: A. Only evaluate financial KPIs B. Prone to subjective interpersonal bias C. Cannot app

Under SOX Act, CEO & CFO must Under SOX Act, CEO & CFO must: A. Outsource all internal audit work B. Certify financial statement authenticity formally C. Waive audit committee supervision D. S

High-low cost estimation method uses how many activity data points High-low cost estimation method uses how many activity data points? A. All historical data B. Highest & lowest activity volume on

Sunk cost is irrelevant for short-term decision because Sunk cost is irrelevant for short-term decision because: A. It is future incremental cost B. Already incurred and cannot be changed C. Fully var

Which item is NOT one of five COSO Internal Control Framework components Which item is NOT one of five COSO Internal Control Framework components? A. Control Environment B. Budgeting C. Risk Assessmen

Flexible budget’s core advantage vs static budget Flexible budget’s core advantage vs static budget: A. Forecast future market price automatically B. Match budgeted cost to actual output v

Which costing applies to custom furniture manufacturing Which costing applies to custom furniture manufacturing? A. Process costing B. Job-order costing C. Absorption full costing D. Variable costing

A firm’s contribution margin ratio =40%, selling price=$100/unit A firm’s contribution margin ratio =40%, selling price=$100/unit. Variable cost per unit is: A. $40 B. $60 C. $100 D. $0 An

Which budgeting method requires managers to justify every expense from zero annually Which budgeting method requires managers to justify every expense from zero annually? A. Incremental budgeting B. Z

Under CBCA, directors who knowingly approve unlawful dividends are: Under CBCA, directors who knowingly approve unlawful dividends are: A. Liable to the company for the amount of the unlawful dividend

A proxy circular must include a detailed description of A proxy circular must include a detailed description of: A. Each matter to be voted on at the meeting B. Daily operational activities C. Confide

Under IPSAS 17, which methods can be used to calculate depreciation Under IPSAS 17, which methods can be used to calculate depreciation? (Select all that apply) A) Straight-line method B) Reducing b

What does "Value for Money" (VfM) in public sector mean What does "Value for Money" (VfM) in public sector mean? (Select all that apply) A) Economy B) Efficiency C) Effectiveness D) Equity Answer

Which of the following are key principles of public sector ethics according to CIPFA Which of the following are key principles of public sector ethics according to CIPFA? (Select all that apply) A) I

Which of the following is NOT a key component of public sector financial governance Which of the following is NOT a key component of public sector financial governance? A) Clear lines of accountabili

Under IPSAS 17, how should depreciation be calculated Under IPSAS 17, how should depreciation be calculated? A) Straight-line method only B) Reducing balance method only C) Either straight-line or

What does the term "Value for Money" mean in public sector financial management What does the term "Value for Money" mean in public sector financial management? A) Getting the best possible outcomes

Which of the following is a characteristic of public sector budgeting Which of the following is a characteristic of public sector budgeting? A) Focus on short-term goals B) Emphasis on inputs rather

What is the role of the CIPFA in public sector accounting .What is the role of the CIPFA in public sector accounting? A) Setting accounting standards for public sector organizations B) Regulating pu

Under IPSAS 9, when should revenue from exchange transactions be recognized Under IPSAS 9, when should revenue from exchange transactions be recognized? A) When cash is received B) When the signific

Which of the following is NOT a type of reserve in public sector accounting Which of the following is NOT a type of reserve in public sector accounting? A) Usable reserves B) Non-usable reserves C)

What is the purpose of a budget variance analysis in public sector organizations What is the purpose of a budget variance analysis in public sector organizations? A) To compare actual spending with b

Which of the following is a key challenge facing public sector organizations in financial management Which of the following is a key challenge facing public sector organizations in financial managemen