United Nations Competitive Examination for the recruitment of Young

Professionals
Sample Examination Questions
FINANCE

Disclaimer
This document contains a small sample of the type of questions which may be assessed in
the United Nations Competitive Examination for the recruitment of Young Professionals in
the Finance job family in 2015.
This sample is provided only for reference. Final examination may vary in style and
requirements and length.
This document supersedes all samples previously released by the United Nations for the
National Competitive Recruitment Examination, which has been abolished in 2011.
None of the material in this document may be copied, reproduced, distributed, republished,
displayed, posted or transmitted in any form or by any means, without the prior written
consent of the United Nations. Reproduction of these sample questions, in whole or in part,
for the purposes of commercial distribution is strictly prohibited.

Multiple Choice Items

1. Bank reconciliation is an essential check for an external auditor to carry out because:
a. it shows that no significant amount of cash is held on premises
b. it provides an independent check on the work of the internal auditors in relation to
the bank records
c. it proves that there have been no double entry errors in the recording of either the
sales receipts or purchase payments
d. it verifies the organisations bank record against the bank statement, which is an
independent external source
2. Which of the following most accurately characterizes zero-based budgeting?
a. All budget appropriations are rounded to the nearest thousands
b. Budget increase, compared to the prior period, is zero, unless justified on an
exceptional basis by legislative bodies
c. A new budget cannot be approved, and the last approved budget is extended at
zero growth
d. The starting point of the budget is zero, and every expenditure must be justified
on the basis of its costs and benefits
3. Which of the following defines more correctly Enterprise Risk Management?
a.
b.
c.
d.

A departmentalized approach to managing risk

A holistic approach to managing risk
A process review conducted in view of an audit
A periodic review of specific financial risks

4. The International Public Sector Accounting Standards (IPSAS) require budget performance to
be reported to governing bodies:
a.
b.
c.
d.

Quarterly
Biannually
Annually
IPSAS does not provide specific guidance on this issue

5. Which committee of the General Assembly is responsible for administrative and budgetary
matters?
a.
b.
c.
d.

The Advisory Committee on Administrative and Budgetary Questions

The United Nations Committee on Administrative and Budgetary matters
The Fourth Committee
The Fifth Committee

Constructed Response Items

1.

ZBN Mobile Phones Inc. purchases mobile smartphones from various suppliers and sells them to
commercial outlets. The following is ZBNs unadjusted trial balance as of 31 December 2013.
(all amounts in US Dollars)
Cash
Accounts Receivable
Inventory
Fixed Assets
Accumulated Depreciation,
Fixed Assets
Accounts Payable
Retained Earnings/Equity
Sales
Costs of Goods Sold
Salaries Expense
Rent Expense
General & Administrative
Expenses
TOTAL

Dr.

Cr.
613,254
16,200
62,000
118,200
32,400
17,000
552,922
784,655
285,123
255,000
24,200
13,000

1,386,977

1,386,977

Prepare any necessary adjusting journal entries using the following information:
a.

ZBN sold 50 mobile phone units on credit at $200 each. The cost of each unit is $50.

b.

Customers ordered and paid for 100 units at a sales price of $250 each and a cost of $60
each. The units are to be delivered in February 2014.

c.

ZBNs office lease expired on 31 March 2013. All amounts related to the expired lease have
been entered. A new two-year lease was signed as of 1 April 2013. A full payment of
$240,000 was made in advance on 1 April 2013 to fully satisfy the terms of the lease.

d.

One of ZBNs customers is unhappy with its recent delivery and has informed ZBN
management that she is intending to file a lawsuit against ZBN for $50,000.

Using the Unadjusted Trial Balance and Adjusting Journal Entries prepared, prepare the following
two statements for ZBN Mobile Phones Inc. for year end 2013:

2.

a.

Statement of Financial Performance

b.

Statement of Financial Position

Internal Control can be defined as a process effected by an entitys management and personnel,
designed to provide reasonable assurance regarding the achievement of an entitys objectives. In
this context, please answer the following questions.
a.

Safeguarding of resources is one of the four organizational level objectives over which the
internal control provides assurance. What are the other three objectives?

b.

What are the three key attributes of effective control activities?