CBM Global Day 2 Quiz

What is the maximum limit to deduct in retirement fund (PF/CIT) while calculating taxes ?

• 300,000

• 500,000

• 2/3 0f Assessable Income

• 700,000

How much TDS should be deducted on obtaining accommodation services from a hotel during field visit amounting to Rs. 10,000 + 13% VAT.

• Rs. 150

• Rs. 1,000

• Rs. 1,500

• No TDS

If an activity is marked as “completed” in the Target vs Actual report, but the expense is not shown in the Budget vs Actual report, what is the likely issue?

• The budget was not approved

• Expense documents were not submitted

• The donor did not release funds

• Finance team made an error

The closing balance in a Fund Accountability Statement means:

• The project’s closing bank balance

• Unspent donor funds at the end of the reporting period

• The value of unpaid bills

• Excess funds available for any project

What is the minimum limit for procuring services through a PAN registered vendor ?

• Rs. 500,000

• Rs. 2,000,000

• No Limit

• Rs. 25,000

NGO did project agreement with Donor for Rs. 100,000. Fund received Rs. 80,000 and expenditure during the period was 50,000. Membership fees received during the period Rs. 20,000 and expenditure in core fund Rs. 25,000. What is Surplus / (Deficit) in Income and Expenditure Statement ?

• Rs. 5,000

• Rs. 30,000

• Rs (5000)

• Rs. 25,000

What do you mean by Designated Funds ?

• Funds designated by the donor

• Funds designated by Nepal Government

• Funds classified for use for specific purpose by Board

• Funds that are designated to spend by Management

If the organization provides accommodation (staff quarter) services to client, how much is added while calculating the assessable income of employee ?

• 2% of basic salary

• 0.5% of basic salary

• 1.5% of basic salary

• 1% of basic salary

Which of the following is the most accurate method for an NGO to allocate "Joint Costs" (e.g., the salary of an Executive Director who does both Program and Fundraising work) to ensure compliance with donor audits?

• Allocating 100% to "Management and General" to be conservative.

• Dividing the cost on the basis of maximum available budget in the project.

• Using a documented Time and Effort Report (Timesheet) to allocate costs based on actual hours spent on each function.

• Allocating based on the percentage of total direct project spending

A "Conflict of Interest" (CoI) is discovered during a bid evaluation: one of the bidders is the first cousin of the NGO's HR Manager. The HR Manager is NOT on the procurement committee. What is the most appropriate internal control response?

• • Ignore the conflict since the HR Manager has no direct influence over the procurement decision.

• Require the HR Manager to formally disclose the relationship and recuse themselves from any administrative task related to that vendor’s future payments or contracts.

• Automatically disqualify the bidder to avoid any appearance of favoritism.

• Ask the bidder to lower their price by an additional 5% to "offset" the ethical risk.