Financial Regulations PQ Quiz by Tutor Seun

Which of the following is not true of a SEAU?

• Its vouchers are passed to the Accountant-General for payment.

• It must have an internal audit unit

• All of the above

The Financial Regulation authorizes the use of Non-Personal Advances for the following purpose:

• Salary Advance

• Project/Special Programmes

• Rent Advance

Under which of the following circumstances would an Internal Auditor issue a special report?

• Where he discovers irregularity in accounting records

• Where the Internal Control system is satisfactory

• To report observations in prepayment Audit

For effective control of the use of Government vehicle the FR stipulated the maintenance of the following records. Explain their usefulness and the information you will expect to be contained therein:

• Requisition/Approval for journey

• Station Diary

• Vehicle Log Book

A Pension Fund Custodian is not allowed to:

• manage or use pension fund in its custody

• receive employee's contribution

• execute proxy on behalf of PFA

Which of the following is not true of the final salary pension scheme?

• It is Non-Contributory

• It is Tax exempt

• It is fully-funded

Which of the following is not true of a SEAU?

• Its vouchers are passed to the Accountant-General for payment.

• It must have an internal audit unit

• All of the above

A project involving the construction of a dam is most likely to require:

• Recurrent Expenditure Vote

• Capital Expenditure Vote

• Capital Expenditure Vote and a Development Fund Warrant

A payment voucher is to be supported by the following documents except:

• Executive Council Decision

• Letter of Credit

• Letter of Award

When the budget is operational which of the following warrants is not likely to be in effect? Which of the following Warrants according to the FR is associated with the 'Balance to Complete' of the estimate?

• Development Fund Supplementary Warrant

• Virement Warrant

• Supplementary General Warrant