Quiz: IPSAS For Project Management

10 Questions | By UNOPS | Updated: Mar 21, 2022 | Attempts: 215

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Quiz: IPSAS For Project Management - Quiz

Questions and Answers

1.

Under IPSAS, which of the following is NOT correct?
- A.
  
  IPSAS is an accounting standard that places ground rules on how organisations record economic transactions in their financial statements
- B.
  
  IPSAS is replacing a 'modified cash' type of accounting
- C.
  
  IPSAS will have a significant impact on how information is collected and reported in an organisation.
- D.
  
  IPSAS will only have an affect upon the work of Finance and HQ personnel
2.

IPSAS uses 'full accrual' accounting to replace the 'modified cash' accounting of UNSAS. For full accrual accounting, which of the following statements are TRUE? A) Revenue (UNOPS fee) is recognized when it is earned, rather than received. B) Expenditure is recognized when it is incurred, not when it is paid. C) The value of PP&E is shown on the statement of financial position (balance sheet) D) Depreciation of assets are noted on the statement of financial performance.
- A.
  
  A and B only
- B.
  
  C and D only
- C.
  
  None of the above - they all relate to 'modified cash' accounting instead.
- D.
  
  All of the above
3.

In respect to information reported on financial statements, IPSAS requires which of the following:
- A.
  
  Reporting on an annual basis
- B.
  
  Dual recording - reconciliation between the budget and the financial accounts
- C.
  
  Later reporting of expenses in the purchase cycle
- D.
  
  All personnel to assist with the collection of information and recording of transactions.
- E.
  
  All of the above
4.

Which of the following is not correct under IPSAS?
- A.
  
  Inventory (e.g. fuel, vaccines, food) will not need to be shown on the statement of financial position.
- B.
  
  Project managers will need to revise their cash plans more often than under UNSAS.
- C.
  
  All assets and liabilities are recognised.
- D.
  
  Expenses and revenue are recognised on the basis of receipts.
5.

A key difference between UNSAS and IPSAS is the shift of importance from the purchase order (PO) to the receipt. This shift will result in a delay for UNOPS on receiving its revenue.
- A.
  
  True
- B.
  
  False
6.

Project assets (e.g. PP&E, leases and intellectual property) are UNOPS assets. Therefore they will be subject to capitalization and depreciation.
- A.
  
  True
- B.
  
  False
7.

Under IPSAS, personnel costs (e.g. leave, repatriation, education) will be charged to the project as they accrue, rather than as they are claimed by an employee.
- A.
  
  True
- B.
  
  False
8.

For project managers, which of the following considerations is UNTRUE under IPSAS:
- A.
  
  Project managers will advise their staff to take their annual leave in the year it is accrued.
- B.
  
  Project managers will re-budget their personnel using a new UNOPS pro-forma.
- C.
  
  Projects will include advance payments in their client reporting.
- D.
  
  UNOPS fees will remain the same.
9.

For budgeting under IPSAS, which of the following is NOT a consideration?
- A.
  
  Multi-year budget amounts must be split into annual amounts.
- B.
  
  Variance analysis and an explanation of changes from the original to the final budget must be issue prior to, or at the same time as, the financial statements.
- C.
  
  Reconciliation of the budget basis and the financial basis.
- D.
  
  Changes to the budget basis and budget formulation.