Correct Answer:
A. Article 84 of the Constitution
Article 84 covers additional spending beyond the authorized budget.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
Supplementary and excess grants in Pakistan are dealt with under:
Related MCQs
The cut-off assertion is concerned with whether:
A.
Assets are properly insured
B.
Transactions and events are recorded in the correct accounting period
C.
Employees are paid on time
D.
Taxes are paid before the deadline
Correct answer is:
B. Transactions and events are recorded in the correct accounting period
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A manager who is responsible for both revenues and costs of a division is in charge of a:
A.
Cost center
B.
Profit center
C.
Revenue center only
D.
Investment center only
Correct answer is:
B. Profit center
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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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The four main stages of the budget cycle are:
A.
Printing, signing, filing and storing
B.
Taxation, borrowing, lending and spending
C.
Formulation, legislative approval, execution, and audit and evaluation
D.
Planning, hiring, training and retiring
Correct answer is:
C. Formulation, legislative approval, execution, and audit and evaluation
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Prime cost is the sum of:
A.
Direct materials and factory overhead
B.
Direct labor and factory overhead
C.
Indirect materials and indirect labor
D.
Direct materials, direct labor and direct expenses
Correct answer is:
D. Direct materials, direct labor and direct expenses
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Sales are Rs. 500,000 and cost of goods sold is Rs. 320,000. Gross profit is:
A.
Rs. 820,000
B.
Rs. 320,000
C.
Rs. 36,000
D.
Rs. 180,000
Correct answer is:
D. Rs. 180,000
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