ACC418 List of Questions

Q1 In accordance with Financial Regulations (FR) No 3205 â?? Revised to January 2009, which office is empowered to authorize parastatals to obtain loans or any other form of advance from Commercial Banks?
Office of the Auditor-General for the Federation.
Office of the Accountant General of the Federation.
Debt Management Office.
Bureau of Public Procurement.

Q2 The Federal Executive Council has power to award contracts in excess of
N20 million.
N40 million.
N50 million.
N100 million.

Q3 In accordance with Section 16 of Finance (Control and Management) Act LFN 2004 into which of the following accounts shall monies appropriated and not expended lapse and accrue to, at the expiration of the year, in respect of which such monies are appropriated?
Consolidated Revenue Fund.
Capital Development Fund.
Lapsed Capital Development Fund.
Contingency Fund.

Q4 Which of the following is NOT a method of preparing a public sector organizationâ??s annual budget?
Planning, programming and budgeting system.
Rolling plan method.
Line item method.
Incremental method.

Q5 Who among the following, is NOT a member of the Economic and Financial Crimes Commission?
Minister of Finance.
Chairman, National Drug Law Enforcement Agency (NDLEA).
Commissioner for Insurance.
Comptroller General, Nigerian Customs Service.

Q6 Which of the following is a source of government revenue?
Federation Account Revenue Heads
Federal Accounts Allocation Committee
Consolidated Revenue Fund
Value Added Tax

Q7 Pension is
gross salary, including allowances, paid to a retiring officer.
a monthly payment to an officer who is sick.
  a lump sum paid to an officer on forced retirement.
a monthly, quarterly or yearly payment to a retired officer who has served for a statutory period.


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