Under the General Financial Rules (GFR) 2017, who is the primary authority responsible for sanctioning contingent expenditure in a government department? MCQ with Answer and Explanation

Question
Under the General Financial Rules (GFR) 2017, who is the primary authority responsible for sanctioning contingent expenditure in a government department?
A. The Head of the Department
B. The Comptroller and Auditor General
C. The Ministry of Finance
D. The Controlling Officer
Answer: Option D
Solution (By JKSSB Mock Tests)
Under GFR 2017, the Controlling Officer is primarily responsible for sanctioning contingent expenditure and ensuring that such expenditure is within the authorized limits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The term 'IFRS' stands for:
A. International Fiscal Reporting Standards
B. Indian Fiscal Reporting System
C. Indian Financial Reporting Standards
D. International Financial Reporting Standards
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Correct Answer: Option D

Explanation:
IFRS stands for International Financial Reporting Standards, issued by IASB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'National Pension System' (NPS) for government employees was made mandatory for those joining after:
A. 1 Jan 2010
B. 1 Jan 2015
C. 1 Jan 2004
D. 1 Jan 1991
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Correct Answer: Option C

Explanation:
NPS replaced the old defined benefit pension for central government employees joining on or after 1/1/2004.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A: Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives. R: Internal control can guarantee the prevention of all frauds. Choose the correct option.
A. Both A and R are true but R is NOT the correct explanation of A
B. A is true but R is false
C. Both A and R are true and R is the correct explanation of A
D. A is false but R is true
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Correct Answer: Option B

Explanation:
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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