Correct Answer:
D. All other moneys received by or on behalf of the Federal Government that are not part of the Federal Consolidated Fund
Examples include trust funds, deposits and savings certificates collections.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
The Public Account of the Federation under Article 78(2) includes:
Related MCQs
What is the main objective of an external audit of financial statements?
A.
To express an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable reporting framework
B.
To prepare the financial statements of the entity
C.
To guarantee that the entity will remain profitable in the future
D.
To detect and prevent every fraud in the entity
Correct answer is:
A. To express an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable reporting framework
Do you agree with this answer?
Total expenditure is Rs. 1,000 billion, total revenue is Rs. 800 billion and interest payments are Rs. 120 billion. The primary deficit is:
A.
Rs. 200 billion
B.
Rs. 320 billion
C.
Rs. 120 billion
D.
Rs. 80 billion
Correct answer is:
D. Rs. 80 billion
Do you agree with this answer?
Unearned (deferred) revenue is reported as:
A.
An asset
B.
Revenue of the current period
C.
An expense
D.
A liability
Correct answer is:
D. A liability
Do you agree with this answer?
Tracing from source documents (e.g. goods received notes) to the accounting records mainly tests:
A.
Occurrence
B.
Rights and obligations
C.
Presentation
D.
Completeness
Correct answer is:
D. Completeness
Do you agree with this answer?
Under absorption costing, fixed manufacturing overhead is treated as:
A.
A period cost charged fully to the current period
B.
A selling expense
C.
A product cost included in inventory valuation
D.
An abnormal loss
Correct answer is:
C. A product cost included in inventory valuation
Do you agree with this answer?
An example of an automatic stabilizer is:
A.
Progressive income tax and unemployment benefits
B.
A new infrastructure program
C.
A change in the discount rate
D.
A one-time tax amnesty
Correct answer is:
A. Progressive income tax and unemployment benefits
Do you agree with this answer?
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