1.Every officer authorized to sign payment vouchers is required to maintain a/an
A. departmental vote expenditure accounts book.
B. cheque summary register.
C. cash book.
D payment voucher register.
E..adjustment voucher register.
2.The installation of proper internal control and accounting systems is the function of the
A.Internal Auditor.
B.Officer Controlling Expenditure.
C.Sub-accounting Officer.
D.Sub-head Controller.
E.Accounting Officer.
3.The method which values stock at the end of an accounting period at the latest prices is called
A .current market price method.
B. last-in-first-out (LIFO) method.
C .first-in-first-out (FIFO) method.
D. weighted average method.
E. simple average method.
4.Imprest Warrants are issued by the
A .Accounting officer.
B. Revenue collector.
C. Accountant-General.
D .Minister of Finance.
E. Sub-Accounting Officer.
5.Every issue of a receipt book is usually accompanied by a serially numbered form, printed in quadruplicate, called
A .receipt issue register.
B. receipt book issue note.
C .receipt and distribution register.
D. receipt and license register.
E .revenue book register.
6.Which ONE of the following budgeting methods do Extra-Ministerial Departments and Agencies adopt?
A. Incremental Budgeting method
B. Zero-Base Budgeting method
C. Rolling Plan Budgeting method
D. Planning, Programming and Budgeting System
E. Performance Budgeting.
7.The methods and principles applied by an entity to record its financial transactions are known as
A. accounting practice.
B. accounting basis.
C. accounting method.
D accounting policy.
E. accounting principle.
8.The Authority/Warrant issued prior to the approval of the Appropriation Bill at the beginning of the year is known as
A. provisional general warrant.
B. annual general warrant.
C. supplementary general warrant.
D. virement warrant.
E. supplementary contingencies warrant.
9.A basis which records anticipated expenditure evidenced by a purchase order and/or contract is called the
A. budgeting basis.
B .commitment basis.
C. accrual basis.
D .modified accrual basis.
E. modified cash basis.
10.The instrument which is used to re-vote capital expenditure estimate which had lapsed over the years is known as
A. development fund supplementary warrant.
B. development fund (special) warrant.
C .development fund general warrant.
D .development fund virement warrant.
E .development fund reserve expenditure warrant.
11.All the following are marketable Federal Government debt instruments, EXCEPT
A .Treasury bills.
B. Promissory notes.
C. Treasury bond.
D. Treasury certificate.
E. Federal government development stock.
12.Which of the following will lead to a reduction in aggregate disposable income in the economy?
A. Increase in transfer payment
B. Increase in external borrowing
C. Reduction in company income tax
D .Surplus budgeting
E. Deficit budgeting.
13.Which of the following is a tax on the supply of goods and services which is borne by the final consumer but collected at each stage of production and distribution chain?
A. Value added tax (VAT).
B. Petroleum profit tax.
C. Capital transfer tax
D. Excise duties
E .Export duties.
14.A budgeting technique which requires every item of expenditure to be justified as if the particular activity or programme is taking off for the first time is called ..................
A. flexible budgeting technique.
B. rolling budget technique.
C. perspective budgeting technique.
D. traditional budgeting technique.
E. zero-base budgeting technique.
15.The deliberate manipulation of theextent and timing of taxes and revenue by the government to achieve certain economic objectives is called.....................................
A. discretionary fiscal policy.
B. policy drag.
C. built-in-stabilizer.
D. fiscal responsibility.
E. compensatory fiscal policy.
16.Which of the following goods and services is NOT supplied by the public sector?
A. National defense
B .National health service
C .Clothes
D .Police protection
E. Vehicle licensing.
17.Which of the following is a direct tax?
A .Import duty
B. Excise duty
C. Value added tax
D. Petroleum profit tax
E. Export duty.
18.Which of the following is an expansionary fiscal policy?
A .Reduction in government spending
B .Reduction in taxation
C .Reduction in government transfer payment
D. Reduction in external debt
E .Budget Surplus.
19.The policy initiative which emphasizes positive returns on public sector investment is called
A .indigenization.
B. privatization.
C. commercialization.
D .nationalization.
E. industrialization.
20.Public debts that are due for settlement each month are financed by the Federal Government through
A .a reduction in expenditure.
B .increasing the tax rate imposed on the public.
C. asking corporate organizations for donations.
D. selling new bonds to the public.
E. asking States and Local Governments for donation.
Answers
1. D
2. E
3. C
4. C
5. B
6. A
7. B
8. A
9. B
10.A
11.B
12.D
13.A
14.E
15.A
16.C
17.D
18.B
19.C
20.D
2. E
3. C
4. C
5. B
6. A
7. B
8. A
9. B
10.A
11.B
12.D
13.A
14.E
15.A
16.C
17.D
18.B
19.C
20.D
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