Correct Answer:
A. Verify the physical existence and proper record of stores and stock
Physical verification protects public property from loss or misuse.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
Stock audit in a government department is intended to:
Related MCQs
Supplementary and excess grants in Pakistan are dealt with under:
A.
Article 84 of the Constitution
B.
Article 25 of the Constitution
C.
Article 51 of the Constitution
D.
Article 199 of the Constitution
Correct answer is:
A. Article 84 of the Constitution
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Under the imprest system of petty cash, the petty cash is:
A.
Never reimbursed
B.
Kept without a limit
C.
Reimbursed periodically to restore it to a fixed amount
D.
Recorded only in the ledger
Correct answer is:
C. Reimbursed periodically to restore it to a fixed amount
Do you agree with this answer?
Abnormal loss is:
A.
Loss that is part of normal operations
B.
Loss in excess of the normal loss, charged to the costing profit and loss account
C.
Added to the cost of good units
D.
Always recoverable from the supplier
Correct answer is:
B. Loss in excess of the normal loss, charged to the costing profit and loss account
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Conversion cost is the sum of:
A.
Direct materials and direct labor
B.
Direct materials and factory overhead
C.
Direct labor and factory overhead
D.
Selling and administrative expenses
Correct answer is:
C. Direct labor and factory overhead
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Excess expenditure over the grant approved by the legislature must be:
A.
Ignored
B.
Hidden in other accounts
C.
Regularized through an excess grant approved by the National Assembly
D.
Recovered from the Auditor-General
Correct answer is:
C. Regularized through an excess grant approved by the National Assembly
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In zero-based budgeting, managers must:
A.
Add a fixed percentage to last year's budget
B.
Justify every budgeted item from zero in each budget period
C.
Use only last year's figures
D.
Avoid preparing a budget
Correct answer is:
B. Justify every budgeted item from zero in each budget period
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