Quiz on Financial Reporting and Auditing

Quiz on Financial Reporting and Auditing

University

10 Qs

quiz-placeholder

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Quiz on Financial Reporting and Auditing

Quiz on Financial Reporting and Auditing

Assessment

Quiz

Others

University

Hard

Created by

Athenkosi Magobiyane

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the time frame for preparing financial statements after the end of the financial year?

4 months

3 months

2 months

1 month

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who must table the annual report of the municipality in council?

The accounting officer

The municipal manager

The chief financial officer

The mayor

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must be included in the annual report?

Only performance audit report

Financial statements, audit report, and performance audit report

Financial statements and audit report

Only financial statements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum time allowed for the Auditor-General to complete the audit after receiving financial statements?

1 month

2 months

3 months

4 months

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must the notes to the financial statements disclose regarding councillors?

Salaries, allowances, and benefits

Only their names

Only their benefits

Their voting records

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the annual report?

To summarize only the financial statements

To hide financial discrepancies

To provide a record of activities and performance

To promote secrecy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Auditor-General according to the Public Audit Act?

To manage municipal budgets

To perform audits and ensure compliance

To prepare financial statements

To approve municipal expenditures

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