Correct Answer:
D. Budget authority is granted for one fiscal year at a time
Appropriations normally lapse at the end of the fiscal year.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
The principle of annuality in budgeting means that:
Related MCQs
Cost-benefit analysis of public projects compares:
A.
Only the private profits
B.
Social costs and social benefits of the project
C.
Only the initial costs
D.
Tax revenue with expenditure of the entire government
Correct answer is:
B. Social costs and social benefits of the project
Do you agree with this answer?
The financial year of the Federal Government of Pakistan runs from:
A.
1 January to 31 December
B.
1 April to 31 March
C.
1 October to 30 September
D.
1 July to 30 June
Correct answer is:
D. 1 July to 30 June
Do you agree with this answer?
Compared with an external auditor, an internal auditor is mainly:
A.
An employee or function inside the entity that evaluates risk management, control and governance
B.
Appointed by the tax authority to check returns
C.
Responsible for giving an opinion to shareholders
D.
Prohibited from reporting to the audit committee
Correct answer is:
A. An employee or function inside the entity that evaluates risk management, control and governance
Do you agree with this answer?
A positive externality is:
A.
A benefit received by third parties who did not pay for it, such as from vaccination
B.
A cost imposed on third parties
C.
A tax on producers
D.
A government subsidy
Correct answer is:
A. A benefit received by third parties who did not pay for it, such as from vaccination
Do you agree with this answer?
The Lima Declaration of 1977 is concerned with:
A.
Guidelines on auditing precepts for public sector auditing
B.
Rules for the accounting of private companies
C.
Banking supervision
D.
Tax treaties
Correct answer is:
A. Guidelines on auditing precepts for public sector auditing
Do you agree with this answer?
The Fiscal Responsibility and Debt Limitation Act, 2005 of Pakistan provides a target for:
A.
The ratio of total public debt to GDP
B.
The number of public employees
C.
The exchange rate
D.
The inflation rate only
Correct answer is:
A. The ratio of total public debt to GDP
Do you agree with this answer?
Leave a Reply