Correct Answer:
A. Article 78 of the Constitution
Article 78 provides for the Federal Consolidated Fund and the Public Account of the Federation.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
The Federal Consolidated Fund of Pakistan is established under:
Related MCQs
The Principal Accounting Officer (PAO) of a federal ministry or division is generally:
A.
The Minister
B.
The Secretary of the ministry or division
C.
The Auditor-General
D.
The Speaker
Correct answer is:
B. The Secretary of the ministry or division
Do you agree with this answer?
When shares are issued at a price above their par value, the excess is credited to:
A.
Retained earnings
B.
Share premium
C.
Revenue
D.
Loan account
Correct answer is:
B. Share premium
Do you agree with this answer?
The Public Sector Development Programme (PSDP) mainly finances:
A.
Defense salaries
B.
Federal development projects
C.
Interest payments
D.
Pensions
Correct answer is:
B. Federal development projects
Do you agree with this answer?
Fund accounting is commonly used in the public sector because:
A.
Government has no assets
B.
All money is treated as one pool
C.
It avoids the need for budgets
D.
Resources are separated into funds according to purposes or legal restrictions
Correct answer is:
D. Resources are separated into funds according to purposes or legal restrictions
Do you agree with this answer?
Statistical sampling is characterized by:
A.
Selection of items based only on the auditor's judgment
B.
Random selection and use of probability theory to evaluate results
C.
Examining only unusual items
D.
Testing the first 50 items in the ledger
Correct answer is:
B. Random selection and use of probability theory to evaluate results
Do you agree with this answer?
The prudence (conservatism) concept suggests that a business should:
A.
Recognize all expected profits in advance
B.
Not overstate assets or income and not understate liabilities or expenses
C.
Ignore all expected losses
D.
Record assets at the highest possible value
Correct answer is:
B. Not overstate assets or income and not understate liabilities or expenses
Do you agree with this answer?
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