Correct Answer:
B. Moneys received by the Government other than the Consolidated Fund, such as deposits and trust funds
These are funds held by government as banker or trustee, with different rules for withdrawal.
November 13, 2026 · Accounting and Finance MCQs, Public Sector Accounting & Auditing MCQs
The Public Account of the Federation is used for:
Related MCQs
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?
Tax incidence refers to:
A.
The date on which the tax is due
B.
The rate of tax
C.
Who finally bears the burden of a tax
D.
The number of taxpayers
Correct answer is:
C. Who finally bears the burden of a tax
Do you agree with this answer?
A by-product is a product that:
A.
Has the greatest sales value of all products
B.
Is produced after the split-off by choice
C.
Cannot be sold
D.
Has a relatively minor sales value compared with the main product
Correct answer is:
D. Has a relatively minor sales value compared with the main product
Do you agree with this answer?
Supplementary and excess grants in Pakistan are dealt with under:
A.
Article 84 of the Constitution
B.
Article 25 of the Constitution
C.
Article 51 of the Constitution
D.
Article 199 of the Constitution
Correct answer is:
A. Article 84 of the Constitution
Do you agree with this answer?
The fundamental qualitative characteristics of useful financial information are:
A.
Comparability and timeliness
B.
Relevance and faithful representation
C.
Verifiability and understandability
D.
Materiality and prudence
Correct answer is:
B. Relevance and faithful representation
Do you agree with this answer?
Which of the following is an example of non-tax revenue?
A.
Royalties and fees for government services
B.
Income tax
C.
Sales tax
D.
Customs duty
Correct answer is:
A. Royalties and fees for government services
Do you agree with this answer?
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