Correct Answer:
A. Incurred without compliance with rules, regulations or proper sanction
Irregularity is a breach of rules; it may or may not involve loss.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
Irregular expenditure generally means expenditure:
Related MCQs
Primary balance is the fiscal balance:
A.
Including interest payments
B.
Excluding interest payments
C.
Excluding revenue
D.
Including only capital expenditure
Correct answer is:
B. Excluding interest payments
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Opportunity cost is:
A.
The cost already incurred in the past
B.
The cost of buying raw materials
C.
The total of fixed costs
D.
The benefit given up by choosing one alternative over the next best alternative
Correct answer is:
D. The benefit given up by choosing one alternative over the next best alternative
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Observation of the client's physical inventory count mainly provides evidence of:
A.
Ownership of inventory
B.
Valuation of inventory at net realizable value
C.
Fraud in payroll
D.
Existence of inventory
Correct answer is:
D. Existence of inventory
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Under Article 80 of the Constitution of Pakistan, the Federal Government is required to:
A.
Print currency notes
B.
Cause to be laid before the National Assembly a statement of estimated receipts and expenditure for each financial year (annual budget statement)
C.
Appoint provincial governors
D.
Hold national elections
Correct answer is:
B. Cause to be laid before the National Assembly a statement of estimated receipts and expenditure for each financial year (annual budget statement)
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The Laffer curve shows the relationship between:
A.
Tax rates and tax revenue
B.
Inflation and unemployment
C.
Income and consumption
D.
Interest rates and investment
Correct answer is:
A. Tax rates and tax revenue
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The normal balance of a revenue account is:
A.
Debit
B.
Zero
C.
Depends on the auditor
D.
Credit
Correct answer is:
D. Credit
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