Financial Regulations
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Questions and Answers

The internal Auditor reports to the

  • Parliament
  • Auditor General for the Federation (correct)
  • Minister
  • Account officer

    • The officer that will examine and ascertain in such manner as he may deem fit the account relating to public fun ds and property and shall form his opinion on the financial statement is referred to as

  • Accountant General of the federation
  • Auditor General of the federation (correct)
  • Parliament secretary
  • Director of consolidation

    • A defaced or mutilated receipt/license leaflet shall be cancelled and retained in the booklet for

  • Record purpose (correct)
  • Legal purpose
  • Audit purpose
  • None of the above

    • An estacode is granted to an officer

    <p>Travelling abroad</p> Signup and view all the answers

    The political head of parastatal is

    <p>Director General</p> Signup and view all the answers

    The bank that is authorized to hold the financial /funds of ministries, Department and Agency

    <p>Central bank</p> Signup and view all the answers

    One of this is not a major federal government funds

    <p>Development</p> Signup and view all the answers

    The monetary benefit other than salary granted to an officer for a specific purpose is called

    <p>Allowance</p> Signup and view all the answers

    Resettlement allowance was previously called

    <p>Disturbance allowance</p> Signup and view all the answers

    A person responsible for the approval of the inspector General of police and comptrolled General /commandant General when traveling outside the country is

    <p>Mr. president</p> Signup and view all the answers

    The authorized absence of an officer from duty for a specific period is called

    <p>Leave</p> Signup and view all the answers

    Which department raises salary variation advice?

    <p>General Service Department</p> Signup and view all the answers

    The Agency responsible for collecting tax at the state level are called

    <p>Board of inland revenue</p> Signup and view all the answers

    The number of a female officer who is nursing a child is entitled to off duty every day is

    <p>One hour</p> Signup and view all the answers

    One of the following is NOT considered as official journey

    <p>To attain family meeting</p> Signup and view all the answers

    Appropriation Act is the

    <p>Financial regulation</p> Signup and view all the answers

    Who is the treasure of Nigeria

    <p>Central bank of Nigeria</p> Signup and view all the answers

    Which of the following is a long term investment

    <p>Capital expenditure</p> Signup and view all the answers

    Loss or shortage of fund is a depletion of government fund at a given time.This can arise from any of the following ,except

    <p>Performing your civic right</p> Signup and view all the answers

    One of the following is not an accounting officer

    <p>Auditor –general for the federation</p> Signup and view all the answers

    When one officer hands over to another,the following document must be signed by both officers

    <p>Handing over certificate</p> Signup and view all the answers

    Nigeria custom collect the following revenue except

    <p>Company income tax</p> Signup and view all the answers

    An example of a cash crop in Nigeria

    <p>Cotton</p> Signup and view all the answers

    Salary is a/an

    <p>Personal emolument</p> Signup and view all the answers

    Which of the following rates is the employer’s pension contribution under the new pension reform act.22014?

    <p>7.5%</p> Signup and view all the answers

    Which of the following is not a security document /book?

    <p>Handbook</p> Signup and view all the answers

    The term imprest is applicable to all sums advanced to public officer to meet expenditure under current estimates for which………… cannot be immediately presented to a sub –accounting officer for payment

    <p>Receipt</p> Signup and view all the answers

    What is the revenue sharing formula for the federal government ?

    <p>52.68%</p> Signup and view all the answers

    The document that is issued by the minister from time to time authorizing the accountant general of the federation to disburse funds from the federal government fund appropriated by the national assembly is called?

    <p>Warrants</p> Signup and view all the answers

    All procurement contracts in ministries, extra-ministerial offices and other arm of government is supervised by the

    <p>Bureau for public procurement</p> Signup and view all the answers

    The percentage of duty tour paid to officers for the purpose of local running during an official tour is

    <p>30%</p> Signup and view all the answers

    The absence of officer for a period not exceeding 7 days duty authorized by his superior officer with a leave year is called ?

    <p>Proportionate leave</p> Signup and view all the answers

    The number of times required by all government employees in Nigeria to be confirmed in service

    <p>Two</p> Signup and view all the answers

    Which of the following is not a requirement for an agency to become self accounting?

    Signup and view all the answers

    Any public office that meet expenditure under the current estimate for which vouchers cannot be presented to sub-accounting officer payment is known as

    <p>Imprest</p> Signup and view all the answers

    _______ is the permanent secretary of a ministry or head an extra ministerial office or arm of government who is in full control responsible for human material and financial resources which are input of the management

    <p>Accounting officer</p> Signup and view all the answers

    Any relation that the unit with installation and maintenance of a proper system of the account subject to the general supervision of accountant general is called

    <p>Self accounting unit</p> Signup and view all the answers

    Any officer, who is entrusted with a official receipt, license or ticket booklet for the regular collection of a particular is known as

    <p>Revenue collector</p> Signup and view all the answers

    What is the full meaning of LPC

    <p>Last pay certificate</p> Signup and view all the answers

    The personnel emolument records shall be issue when an officer is transfer from one state to another under confidential cover is called..

    <p>LPC</p> Signup and view all the answers

    What is the full meaning of P. A. Y. E

    <p>Pay as you ear</p> Signup and view all the answers

    What is the full meaning of V. A. T

    <p>Value added tax</p> Signup and view all the answers

    What is the full meaning meaning of LPV

    <p>Last pay voucher</p> Signup and view all the answers

    What is the full meaning of S. R. V

    <p>Store receipt voucher</p> Signup and view all the answers

    What is the full meaning of A. I. E

    <p>Authority to income expenditure</p> Signup and view all the answers

    The printing form that is writing and signed as a way of paying for something instead of using is called.

    <p>Voucher</p> Signup and view all the answers

    The important documents by a revenue collector is called

    <p>Treasury nook (F. R 200)</p> Signup and view all the answers

    All movable property purchase from public fund or otherwise acquired by government is called

    <p>Store</p> Signup and view all the answers

    Which of these is the type of store under financial regulations

    <p>Expendable store</p> Signup and view all the answers

    The document made out in favour of a person to whom the money is called

    <p>Payment voucher</p> Signup and view all the answers

    The official statement by the federal government of a country's income from taxes oil revenue is called

    <p>National budget</p> Signup and view all the answers

    The pay advice issued by the account General of the federation to CBN to credit account for a particular ministry or department with a particular amount of money is called

    <p>Cash Backing</p> Signup and view all the answers

    The statement of income and expenditure or receipts and payment usually prepared on monthly basis and forwarded to the treasury is called

    <p>Transcript</p> Signup and view all the answers

    The authority given to an officer to make expenditure on behalf of the government is called

    <p>Warrant</p> Signup and view all the answers

    Where does federal government bank account maintained

    <p>Central Bank of Nigeria</p> Signup and view all the answers

    Which officer is responsible for the signing of payment vouchers under the financial regulation 410

    <p>Desktop officer</p> Signup and view all the answers

    Duties of Auditor General included on the following

    <p>Auditing certifying the federation account</p> Signup and view all the answers

    Who has the authority for the disposal of animal financial regulation 2626

    <p>Veterinary officer</p> Signup and view all the answers

    Study Notes

    Internal Audit and Oversight

    • The internal auditor reports to an officer who examines accounts related to public funds and property and forms opinions on financial statements.
    • This officer is responsible for ensuring transparency and accuracy in financial reporting.

    Financial Processes and Documentation

    • A defaced or mutilated receipt or license leaflet must be cancelled and retained in the booklet for record-keeping.
    • Monitoring the condition of financial documents is crucial for accountability.

    Compensation and Benefits

    • An estacode is a monetary allowance granted to an officer for travel expenses.
    • Resettlement allowance, previously referred to differently, is a financial benefit provided to officers for relocation purposes.
    • Monetary benefits apart from salary for specific purposes are categorized as allowances.

    Leadership and Governance

    • The political head of a parastatal organization is responsible for overseeing activities and operations.
    • The bank designated to manage the financial assets of ministries, departments, and agencies is critical for public fund management.

    Employment Regulations

    • Authorized absence from duty for a specific period is referred to as leave.
    • Specific departments are responsible for processing salary variations and adjustments.

    Taxation and Child Welfare

    • Agencies collecting taxes at the state level play a vital role in local governance and revenue generation.
    • Female officers nursing a child are entitled to specific off-duty allowances every day, recognizing the importance of maternal care.

    Travel and Official Duties

    • A person needing approval from the inspector general of police and the comptroller general/commandant general is required for official travel outside the country.
    • Specific journeys do not qualify as official journeys, emphasizing the distinction between personal and work-related travel.

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