A Drawing and Disbursing Officer (DDO) is an officer who:
DDOs are authorized to prepare bills and make payments within sanctioned budgets.
Accounting and Finance MCQs
Pre-audit means that:
Post-audit takes place after the transaction or payment has occurred.
Irregular expenditure generally means expenditure:
Irregularity is a breach of rules; it may or may not involve loss.
Propriety audit examines whether expenditure:
Propriety goes beyond legal sanction to ask whether public money was spent wisely and honestly.
The Supreme Audit Institution (SAI) of Pakistan is:
The Department of the Auditor-General of Pakistan is the national SAI.
INTOSAI stands for:
INTOSAI is the global umbrella organization for SAIs.
The Lima Declaration of 1977 is concerned with:
It is a foundational INTOSAI document on audit principles and independence.
The Mexico Declaration on SAI Independence emphasizes:
Adopted in 2007, it sets eight core principles for the independence of SAIs.
Regularity audit in the public sector comprises:
Regularity audit examines financial statements and compliance with laws and regulations.
Performance audit in the public sector is concerned with:
It is also known as value-for-money audit.
Lapse of appropriation means that:
Under annuality, grants lapse at year end unless law allows otherwise.
The Public Accounts Committee (PAC) mainly examines:
PAC is a parliamentary committee that scrutinizes the spending of public money.
The Auditor-General of Pakistan is appointed by:
Article 168 of the Constitution provides for appointment by the President.
The Auditor-General of Pakistan holds office for a term of:
Article 168 fixes a four-year term or age 65, whichever comes first.
Which Article of the Constitution of Pakistan provides for reports of the Auditor-General to be submitted to the President to be laid before Parliament?
Article 171 deals with reports of the Auditor-General relating to Federation accounts.
The Auditor-General’s functions regarding the audit of accounts of the Federation and the Provinces are given in:
Article 169 deals with the audit of accounts of the Federation and the Provinces.
An appropriation account compares:
It shows savings or excesses against each grant.
Appropriation audit is carried out to ensure that:
It checks that money was spent for the authorized purpose and not beyond the grant.
Re-appropriation means:
It is a budgetary adjustment of funds within sanctioned limits and rules.
Surrender of savings means that:
Departments must surrender anticipated savings so they can be used elsewhere.
The main objective of government accounting is to:
Governments account for how public money is raised and spent.
Fund accounting is commonly used in the public sector because:
Each fund is a separate set of accounts for a specific purpose.
The principle of annuality in budgeting means that:
Appropriations normally lapse at the end of the fiscal year.
Fiscal federalism deals with:
It studies how finances are shared between federal, provincial and local governments.
The Fiscal Responsibility and Debt Limitation Act, 2005 of Pakistan provides a target for:
The Act sets rules to bring public debt down to a prescribed percentage of GDP (60%).