FM & Powers of PAOs Regulations, 2021 MCQs

85 MCQs (Page 2 of 9)

Attempt FM & Powers of PAOs Regulations, 2021 Quiz

Under Regulation 7(1)(p), the PAO shall undertake reconciliation with accounting offices on ______ basis and furnish the reconciled statement to Finance Division on ______ basis.

Quarterly; half-yearly
Weekly; monthly
Monthly; annual
Monthly; quarterly

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Statements of revenues and expenditures of public entities under the PAO's control are provided to the Finance Division on:

Quarterly basis
Annual basis
Half-yearly basis
Monthly basis

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Regulation 7(1)(q) requires the PAO to ensure that grant-in-aid:

Is released quarterly to all autonomous bodies
Shall not be a recurring budget feature and is approved after detailed review, per section 6 of the Act
Is approved only by the Finance Division
Covers salaries and pension of public entities

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Under Regulation 7(1)(u), the PAO is responsible for attending meetings of the ______ and holding meetings of the ______ on regular basis.

Departmental Accounts Committee; Public Accounts Committee
ECNEC; DDWP
Public Accounts Committee; Departmental Accounts Committee
CDWP; Audit Committee

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An officer designated as PAO, other than the Secretary of a Division, shall submit reports on exercise of financial powers to the Secretary of the administrative Division on:

Half-yearly basis
Monthly, quarterly and annual basis
Annual basis only
Quarterly and annual basis

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Under Regulation 7(4), the Secretary (PAO), other designated PAOs, heads of departments, sub-ordinate offices and autonomous bodies are ______ responsible for financial propriety.

Jointly and severally
Individually only
Not
Vicariously

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Heads of autonomous bodies not designated as PAOs but receiving funds from Government shall exercise the same powers as are delegated to:

A Principal Accounting Officer
The Finance Division
A head of subordinate office
A head of department

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Regulation 7(6) states that the Financial Advisor's organization of the Finance Division:

Has been converted into the CFAO office
Has been disbanded under the Act
Continues in advisory role
Has been merged with AGPR

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An expenditure sanction issued to AGPR with approval of the PAO:

Requires approval of the CFAO
Requires vetting by Finance Division
Requires endorsement by Establishment Division
Shall not require endorsement from Finance Division

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Regulation 10 requires that every Government servant exercise the same vigilance in public expenditure as a person of:

Professional competence would exercise as an auditor
Extraordinary care would exercise as a trustee
Ordinary prudence would exercise in respect of his own money
Reasonable caution would exercise in business

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