Correct Answer:
A. The ratio of total public debt to GDP
The Act sets rules to bring public debt down to a prescribed percentage of GDP (60%).
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
The Fiscal Responsibility and Debt Limitation Act, 2005 of Pakistan provides a target for:
Related MCQs
Net working capital is calculated as:
A.
Total assets minus total liabilities
B.
Current assets plus current liabilities
C.
Current assets minus current liabilities
D.
Fixed assets minus long-term debt
Correct answer is:
C. Current assets minus current liabilities
Do you agree with this answer?
Audit risk is the risk that the auditor:
A.
Loses the client
B.
Charges a lower audit fee
C.
Gives an inappropriate opinion when the financial statements are materially misstated
D.
Does not attend the physical inventory count
Correct answer is:
C. Gives an inappropriate opinion when the financial statements are materially misstated
Do you agree with this answer?
The present value of a perpetuity paying Rs. 5,000 per year at a discount rate of 10% is:
A.
Rs. 5,000
B.
Rs. 50,000
C.
Rs. 500
D.
Rs. 55,000
Correct answer is:
B. Rs. 50,000
Do you agree with this answer?
Relevant costs are costs that:
A.
Have already been paid
B.
Are the same under all alternatives
C.
Include all allocated overheads
D.
Are future costs and differ between alternatives
Correct answer is:
D. Are future costs and differ between alternatives
Do you agree with this answer?
Value for money in public audit refers to:
A.
Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
B.
Spending as little as possible regardless of outcome
C.
Spending the entire budget
D.
Maximizing revenue only
Correct answer is:
A. Obtaining the best outcome from resources spent, with economy, efficiency and effectiveness
Do you agree with this answer?
Under variable (direct) costing, fixed manufacturing overhead is treated as:
A.
A product cost
B.
A period cost
C.
A direct material cost
D.
An asset
Correct answer is:
B. A period cost
Do you agree with this answer?
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