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WorksheetsFinancial Regulations PQ Quiz by Tutor Seun
Total questions: 51
Worksheet time: 26mins
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
The medium Term Expenditure Framework (MTEF) provides data on prospective bases for the budget year
Preceding year and quarterly forecasts
Following two years
Following five years
When the Current year Budget is yet to be passed by the legislature the Accountant-General can:
Pay staff salary on the basis of a Provisional General Warrant
proceed on annual leave
Carry money forward from previous financial year
Traditional Government Budgeting is also referred to as:
Old School Budget
Line Itemization
Zero Base Budget
The Code of Conduct provision in the constitution forbids a Public Servant from private business except:
Medical Profession
Management Consultancy
Farming
Which of the following adjustments to the budget would not increase the budget size?
Supplementary Budgeting
Virement
All of the above
Which of the following is not an objective of economic planning?
Poverty Alleviation
Indigenisation of resource base
Enhancement of tax avoidance
Which of the following is not the duty of National Pension Commission?
License PFA and PFC
Investigating complaints on the new pension scheme
Invest and manage pension funds and assets
Under which of the following conditions could money not be withdrawn from the Retirement Savings Account (RSA)?
When the holder is tired of the scheme and he is under 50
When the employee dies
All of the above
According to the Financial Regulations, remunerations of the following public officers are charged to the Consolidated Revenue except:
Auditor General
Accountant General of the federation
Vice President, FRN
A public loss of fund valued Five Million Naira has been established. Which of the following public officers can authorize a write-off?
Auditor-General
Minister of Finance
Accountant-General
A payment Voucher Register is not likely to have information on:-
Payee
Departmental PV. No.
Revenue Receipt Number
Which of the following is not true of a Board of Survey?
The officers in charge of the cash office may be present when the Board is being held
Where a serious shortage is discovered, it should be charged to an advance account only.
Report of survey proceedings would eventually get to the Auditor-General.
According to the FRA 2007 Governments at all tiers may borrow on the following terms except:
Long amortization period
For outstanding recurrent expenditure
For human capital development
Which of the following circumstances would not attract Salary Advance?
An officer in a temporary pecuniary difficulty
An officer on transfer
A newly appointed officer
The following are particulars expected on a payment voucher. Which of them is exclusive to an adjustment voucher?
Signature of officers controlling vote
Reference to originating credit or debit
Narration.
The duty of ensuring that an Internal Audit Unit is established in a public agency is vested by the Financial Regulation in the:
Accounting Officer
Internal-Auditor General
Auditor-General
As opposed to an Economic Plan a budget is:
Strategic
Short term and operational
Unplanned
Which of the following loss of fund would not attract adjustment in the books of account?
Abandonment of the recovery of unpaid revenue
Fraudulent over payment of previous year
Fraudulent payments discovered during the current year
The medium Term Expenditure Framework (MTEF) provides data on prospective bases for the budget year
Preceding year and quarterly forecasts
Following two years
Following five years
Which of the following is not relevant as regards Financial Regulation in Nigeria Public service?
The Constitution
Appropriation Act
None of the above
Which of the following Officers shall convene a Board of Enquiry under instruction of the Accountant-General?
Chairman, Civil Service Commission
Auditor-General
Director, Treasury Inspectorate Department
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
Vision 2010 can be described as form of:
Perspective Plan
Performance Budgeting
Zero Base Budget
Which of the following is not the duty of National Pension Commission?
License PFA and PFC
Investigating complaints on the new pension scheme
Invest and manage pension funds and assets
Which of the following circumstances would not attract Salary Advance?
An officer in a temporary pecuniary difficulty
An officer on transfer
A newly appointed officer
Economic Planning can not work under:
Political Instability
Political Stability
Inflow of foreign direct investment
The following best describes the relationship between an Economic Plan and a Budget:
A good budget is a subset of an Economic plan
They are contradictory terms
All of the above
The Financial Regulation stipulates the maintenance of Revenue Collectors' Cash Book. The following is NOT included as an item in this cash book:
The account code of the Revenue item
Deductions and Cash Payment
No. of Treasury Receipt Issued
The method of choosing a contractor under a World Bank funded project is:
The lowest submitted price
The most experienced and knowledgeable bidder
The lowest responsive bidder
Which of the following is not relevant as regards Financial Regulation in Nigeria Public service?
The Constitution
Appropriation Act
None of the above
____ covers the running expenses of Government and provision of services on a daily basis
Overhead cost
Revenue
Which of the following Adjustment Vouchers is used solely by the Office of the Accountant-General?
Secondary Adjustment Voucher
Principal Journal Voucher
Payment Voucher
Which of the following is a primary responsibility of the Internal Auditor in a public agency?
To manage human resources
To conduct regular audits of financial statements
To prepare the annual budget
What is the primary purpose of the Appropriation Act in public finance?
To establish financial penalties
To regulate tax collection
To authorize government spending
Which of the following documents is essential for the approval of a payment voucher?
Bank Statement
Internal Memo
Purchase Order
Which of the following is not a requirement for a contractor to be eligible for a World Bank funded project?
Proof of previous project experience
Submission of a bid
Registration with a local business authority
Which of the following is a primary responsibility of the National Pension Commission?
To provide direct pension payments to retirees
To manage the investment of pension funds
To regulate the activities of Pension Fund Administrators
Which of the following documents is not typically required for the approval of an adjustment voucher?
Approval from the Accountant-General
Letter of Intent
Supporting invoices
Which of the following is a key principle of public sector budgeting?
Discretion
Secrecy
Transparency
What is the primary function of the Budget Office in a government?
To conduct audits
To prepare and manage the budget
To oversee tax collection
Which document outlines the government's planned expenditures and revenues for a specific period?
Annual Report
Budget Proposal
Financial Statement
