Acts & Laws — All MCQs
106 questions available
Q61.The Principal Accounting Officer is responsible for effective financial management of:
Correct Answer: A
The Principal Accounting Officer oversees financial management of the organization.
Q62.Public expenditure must be incurred only for:
Correct Answer: A
Public money may be spent only for an authorized public purpose.
Q63.Budget management includes monitoring expenditure against:
Correct Answer: A
Budget control compares expenditure with approved provisions.
Q64.Delegation of financial powers must be exercised within:
Correct Answer: A
Delegated powers must remain within the prescribed limits.
Q65.Internal controls are designed to protect public resources from:
Correct Answer: A
Internal controls reduce risks of error, misuse and fraud.
Q66.Financial records should be maintained so that transactions are:
Correct Answer: A
Documentation creates an accountable and traceable financial record.
Q67.An audit primarily provides an independent examination of:
Correct Answer: A
Audit examines financial transactions, records and controls.
Q68.A re-appropriation is a transfer of funds between:
Correct Answer: A
Re-appropriation transfers provision within the authorized budget framework.
Q69.A Drawing and Disbursing Officer is responsible for:
Correct Answer: A
The DDO handles authorized drawing and disbursement responsibilities.
Q70.Financial propriety requires that public money be spent with:
Correct Answer: A
Financial propriety requires economy, discipline and due care.
Q71.A sanction is an official authorization for:
Correct Answer: A
A sanction authorizes a specified official action or expenditure.
Q72.Annual accounts should present a reliable picture of:
Correct Answer: A
Annual accounts report the government’s financial operations.
Q73.A loss of public money should be:
Correct Answer: A
Losses must be reported and dealt with under financial rules.
Q74.The budget is a financial statement of expected:
Correct Answer: A
A budget estimates receipts and expenditure for a period.
Q75.An officer exercising delegated power remains accountable for:
Correct Answer: A
Delegation does not remove accountability for proper exercise of power.
Q76.Financial reporting should be completed within:
Correct Answer: A
Government reporting follows prescribed time limits and formats.
Q77.The purpose of reconciliation is to compare records from:
Correct Answer: A
Reconciliation identifies differences between related accounting records.
Q78.A commitment should be recorded before an expenditure becomes:
Correct Answer: A
Commitment recording supports control of future financial obligations.
Q79.Audit observations should be answered with:
Correct Answer: A
Audit replies should address evidence, facts and corrective action.
Q80.The main objective of financial control is:
Correct Answer: A
Financial control promotes lawful, economical and efficient use of funds.