Correct Answer:
C. Reimbursed periodically to restore it to a fixed amount
The imprest system sets a fixed float that is topped up by the amount spent.
November 13, 2026 · Accounting and Finance MCQs, Financial Accounting MCQs
Under the imprest system of petty cash, the petty cash is:
Related MCQs
A machine costing Rs. 200,000 is depreciated at 20% on the reducing balance method. Depreciation for the first year is:
A.
Rs. 20,000
B.
Rs. 40,000
C.
Rs. 160,000
D.
Rs. 4,000
Correct answer is:
B. Rs. 40,000
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Computer-assisted audit techniques (CAATs) are used by auditors to:
A.
Replace professional judgment entirely
B.
Prepare the client's tax returns
C.
Avoid documenting the audit
D.
Analyze large volumes of electronic data and test systems and controls
Correct answer is:
D. Analyze large volumes of electronic data and test systems and controls
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State-owned enterprises (SOEs) in Pakistan are typically audited by:
A.
Only by their own accountants
B.
Only by tax inspectors
C.
Only by the police
D.
Chartered accountant firms appointed under law, and may also be subject to audit by the Auditor-General
Correct answer is:
D. Chartered accountant firms appointed under law, and may also be subject to audit by the Auditor-General
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A Drawing and Disbursing Officer (DDO) is an officer who:
A.
Audits the accounts of a department
B.
Prepares the national budget
C.
Collects customs duty
D.
Draws money from the treasury or bank on bills and disburses it
Correct answer is:
D. Draws money from the treasury or bank on bills and disburses it
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The Auditor-General's functions regarding the audit of accounts of the Federation and the Provinces are given in:
A.
Article 3
B.
Article 48
C.
Article 169
D.
Article 215
Correct answer is:
C. Article 169
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Expenditure charged upon the Federal Consolidated Fund (Article 81) is:
A.
Voted separately by the Senate
B.
Free of any audit
C.
Paid only from provincial funds
D.
Not submitted to a vote in the National Assembly, though it may be discussed
Correct answer is:
D. Not submitted to a vote in the National Assembly, though it may be discussed
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