MCQ Finance Code Chapter 5 Budgetary Expenditure control Management Reporting

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The responsibility for the control of expenditure against the budget allotment devolves upon the ____________ at whose disposal the allotment has been placed *

5 points

Accounts Officers in capacity as Financial Adviser to the Administration

Executives at whose disposal the allotment has been placed

Both of the above

None of the above

Which one of the factors is incorrect for taken into the account while distributing the Sanctioned grant among twelve months ( Proportionate Budget Allotment) *

5 points

Throw forward from the previous year

All expenditure whether in cash or by transfer, the liability for which already exists, but which is not likely to be distributed evenly during the year, whether because it is of a periodical nature, or because it is contingent on the receipt of supplies, or for any other reason.

Expenditure which is practically fixed and evenly distributed throughout the year

Need not to keep some amount as a reserve for meeting fresh or unanticipated expenditure.

Proportionate Budget Allotment" for each _______ is worked out for each sub-head of the Grant, and the progress of expenditure under each sub-head is then watched from ____________ through _________________ in order to see that the expenditure is according to anticipations and not at a pace which is likely to lead to an excess at the end of the year.

5 points

Month, Month to Month, Monthly Financial Reviews

Quarter, Quarter to Quarter, Quarterly Financial Reviews

Half year, Half Yearly to Half Yearly, Haly Yearly Financial Reviews

None of the above

All revenue expenditure is to be recorded in Registers, which are known as _________________, by the various heads of accounts prescribed in the classification given in Appendix I of Finance Code Volume II . The object of these registers is to keep the heads of divisions, and departments informed of the progress of expenditure against the allotments placed at their disposal by the General Manager
*

5 points

Relevant Allocation Registers

Revenue Advance Registers

Revenue Allocation Registers

Revenue Allocation Records

_________________________show the expenditure to the end of the previous month, against the allotment placed at the disposal of the controlling authorities under each sub-head of the grant for which they are responsible. The review should be prepared in Form No. 513 and submitted to the controlling authorities every month, by such date as may be fixed in consultation with them.

5 points

MFR - Monthly Financial Register

MFR - Monthly Financial Review

MFR - Monetary Financial Review

MFR - Monthly Frequency Review

The "Proportionate Budget Allotment" to the end of the month (column 3 of MFR) is worked out by _______________
*

5 points

The Accounts Officer

The Executive

Both - The Accounts Officer and the Executive

Railway Board

Review of Works Expenditure - The Accounts Officer should prepare every month two reviews, one by _________________and the other by _______________, and present them to the authorities concerned by such dates as may be fixed in consultation with them. *

5 points

Plan Head wise, Individual work wise

Whole unit wise (Division/Railway), Individual work wise

Source of Finance wise, Individual Work wise

Plan head wise, Source of Finance wise

_________________ is a mechanism for concurrent regulation of cash outgo by each Disbursing Officer against the cash content of the budget allotment. The object of this one is to establish a system for correct estimation of cash outgo and to monitor disbursements. It is thus an important tool of budgetary control. *

5 points

Budgetary Control

Expenditure Control

Cash Control

Exchequer Control

Railway expenditure falls into _______________
*

5 points

Single category i.e., Cash only

Two categories viz., cash and adjustments.

Three categories viz., Cash, Adjustments, Transfers

None of these

As 'cash' forms, on an average about ___________ of the total expenditure of a Railway, Exchequer Control has the merit of providing an effective means of monitoring a substantial part of the expenditure on a day-to-day basis.
*

5 points

30 %

90 %

70 %

50 %

Which one is incorrect in case of Exchequer Control *

5 points

A mechanism for concurrent regularization of cash out go by each disbursing officer against the cash content of the Budget allotment.

Railway's expenditure divided into two parts. Cash and Adjustments are approximately 70 % and 30 % respectively

The exchequer control mechanism covers Cash out go only.

Railway Earnings are included from the purview of the Exchequer Control

Which one of the following is correct ? *

5 points

Railway budgetting is on 'gross' basis. i. e., Parliamentary approval is obtained for gross' expenditure, ignoring the credits/recoveries which are outside the scope of the Demands for Grants.

Railway budgetting is on 'net' basis. i. e., Parliamentary approval is obtained for net' expenditure, duly taking the credits/recoveries

Railway budgetting is on 'gross' basis. i. e., Parliamentary approval is obtained for gross' expenditure, as well as for Credits and Recoveries

Railway Budgetting is on 'gross' basis. But Parliaments approval is not required.

Each Railway Administration should submit to the Railway Board an Annual Report reviewing the year's working under all departments and referring to any matters either materially affecting the results of working or of general interest. These reports are intended for the use of the Railway Board and the administration of the railway concerned. Reports prepared by the Railways will consist of ________parts, viz

5 points

GM’s __________ powers are available in I R Finance Code - _____________ of Chapter V
*

5 points

Negative , Annexure I

Positive , Annexure II

Negative, Annexure II

Positive, Annexure I

For the purpose of carrying out a meaningful comparison of the actual working expenses for (and to end of) the month with the budget allotment, it is necessary to distribute the sanctioned allotment for the year over the ____________ after taking all known factors of disturbance or special features into account.
*

5 points

4 Quarters

2 Half years

12 Months

None of these

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