Correct Answer:
B. All revenues received by the Federal Government, loans raised and money received in repayment of loans
Article 78(1) provides that all revenues, loans and repayments form the Federal Consolidated Fund.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The Federal Consolidated Fund includes:
Related MCQs
Kaizen costing focuses on:
A.
A one-time large cost cut during design
B.
Continuous small cost reductions during the manufacturing stage
C.
Increasing prices every year
D.
Ignoring costs after production begins
Correct answer is:
B. Continuous small cost reductions during the manufacturing stage
Do you agree with this answer?
Incremental budgeting means:
A.
Preparing every budget from zero
B.
Adjusting the previous year's budget by a certain percentage or amount
C.
Using only actual expenditure
D.
Ignoring last year's figures
Correct answer is:
B. Adjusting the previous year's budget by a certain percentage or amount
Do you agree with this answer?
Fiscal policy is the use of:
A.
Interest rates and money supply by the central bank
B.
Exchange rate controls only
C.
Government spending and taxation to influence the economy
D.
Foreign aid only
Correct answer is:
C. Government spending and taxation to influence the economy
Do you agree with this answer?
The Mexico Declaration on SAI Independence emphasizes:
A.
Independence of central banks
B.
Independence of courts only
C.
Independence of political parties
D.
Independence of Supreme Audit Institutions
Correct answer is:
D. Independence of Supreme Audit Institutions
Do you agree with this answer?
Which body issues the International Standards on Auditing (ISAs)?
A.
International Accounting Standards Board (IASB)
B.
International Auditing and Assurance Standards Board (IAASB)
C.
International Monetary Fund (IMF)
D.
World Trade Organization (WTO)
Correct answer is:
B. International Auditing and Assurance Standards Board (IAASB)
Do you agree with this answer?
Net income is Rs. 60,000 and shareholders' equity is Rs. 400,000. Return on equity (ROE) is:
A.
6.7%
B.
24%
C.
15%
D.
1.5%
Correct answer is:
C. 15%
Do you agree with this answer?
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