1. Question 1 of 200

   Which of the following best describes the rationale for the CFAO reporting exclusively to the Secretary/PAO (Regulation 31(e)), while the chief internal auditor maintains functional independence reporting to the audit committee (Regulation 33(2)(d))?

   A This reflects the distinct roles of financial management (embedded within and supporting the PAO's line function) versus internal audit (an independent assurance and oversight function) B There is no meaningful distinction; both positions report identically in every respect C This reflects a purely arbitrary administrative choice with no underlying rationale D This reflects a temporary arrangement expected to be abolished shortly after these regulations were issued
2. Question 2 of 200

   Which of the following best summarizes the reporting relationship distinguishing the CFAO from the chief internal auditor under these regulations?

   A Both officers report exclusively and identically to the Auditor-General of Pakistan with no PAO involvement B Both officers report exclusively to the Finance Division with no role for the PAO or audit committee C The CFAO reports exclusively to and works under the Secretary/PAO, while the chief internal auditor maintains functional independence, reporting through the audit committee even while administratively linked to the PAO D Neither officer has any defined reporting relationship under these regulations
3. Question 3 of 200

   Which of the following best summarizes why Regulation 32(2)(e)'s exclusion of FBR from the CFAO's non-tax revenue monitoring role makes administrative sense?

   A FBR has no connection whatsoever to Pakistan's public financial management system B FBR was abolished by these regulations and no longer exists C The exclusion was included in error and has no logical administrative basis D FBR, as Pakistan's primary tax revenue collection authority, operates under its own distinct statutory and administrative framework for tax revenue, which is separate from the non-tax revenue matters that individual Ministries' CFAOs typically oversee
4. Question 4 of 200

   According to Regulation 2(1)(a), what does the term 'Act' refer to within these regulations?

   A The Public Finance Management Act, 2019 B The Civil Servants Act, 1973 C The Rules of Business, 1973 D The Auditor-General's (Functions, Powers and Terms and Conditions of Service) Ordinance, 2001
5. Question 5 of 200

   Which of the following best summarizes the overall structural relationship established by these regulations between the PAO, the CFAO, and the chief internal auditor?

   A All three positions are entirely independent of one another with no functional relationship whatsoever B The PAO holds overall accountability and is directly assisted in financial management by the CFAO, while the chief internal auditor provides independent assurance over the adequacy of controls, both ultimately supporting the PAO's Parliamentary accountability C The chief internal auditor has direct authority over both the PAO and the CFAO D The CFAO has direct authority over both the PAO and the chief internal auditor
6. Question 6 of 200

   Under Regulation 32(8)(c), the CFAO furnishes monthly statements of expenditure/receipts and reconciled statements to whom?

   A Only the Auditor-General, bypassing the PAO entirely B Only foreign development partners C Only the National Assembly Secretariat D The principal accounting officer and Finance Division
7. Question 7 of 200

   Under Regulation 31(e), a chief finance and accounts officer shall report to and work under the supervision of whom, exclusively?

   A Any officer designated at the CFAO's own discretion B The chief internal auditor exclusively C The Secretary of the Ministry or Division (principal accounting officer) D The Auditor-General of Pakistan directly, bypassing the Secretary
8. Question 8 of 200

   Under Regulation 32(7), in respect of cash management, the CFAO assists the PAO in implementing which specific set of rules regarding a 'Treasury Single Account'?

   A The Cash Management and Treasury Single Account (TSA) Rules, 2020 B The Public Procurement Rules, 2004 C The Civil Servants (Efficiency and Discipline) Rules, 2020 D The Auditor-General's Ordinance Rules, 2001
9. Question 9 of 200

   Under Regulation 24(1)(d), the SOE monitoring unit is also tasked with analyzing what kind of risks?

   A Only cybersecurity risks unrelated to financial performance B Only risks associated with foreign currency exchange rates C Risks associated with the SOE sector that could affect the state's investment in SOEs D Only risks associated with employee turnover
10. Question 10 of 200

    Which of the following best describes what accompanies the 34 regulations as an integral part of the FM&PPAO Regulations, 2021?

    A A separate, entirely unrelated Act of Parliament B No supplementary material; the regulations consist of the 34 regulations alone C A list of foreign donor agencies only D A Schedule setting out powers delegated to principal accounting officers and other officers
11. Question 11 of 200

    Which condition in Regulation 1 specifies when the FM&PPAO Regulations, 2021 came into force?

    A They came into force one year after notification B They came into force only after a National Assembly vote C They came into force retroactively from 2019 D They came into force at once (i.e., immediately upon notification)
12. Question 12 of 200

    Under Regulation 8(e), an expenditure sanction issued by the Finance Division with Finance Secretary approval requires what from the Establishment Division?

    A Endorsement is always mandatorily required B Endorsement only for amounts exceeding Rs. 1 million C Endorsement only for development expenditure D No endorsement from the Establishment Division
13. Question 13 of 200

    Under Regulation 33(8), the audit committee reviews and approves what specific planning document prepared by the chief internal auditor?

    A The Ministry's annual recruitment plan B The annual internal audit plan C The Ministry's annual foreign travel schedule D The Ministry's annual public relations campaign
14. Question 14 of 200

    Which of the following best describes why Regulation 7(1)(q)'s restriction on grant-in-aid becoming 'a recurring budget feature' is significant for public financial management discipline?

    A It effectively bans all grant-in-aid disbursements permanently under any circumstances B It applies only to grants made to foreign governments, not domestic recipients C It prevents ad hoc or one-time support from becoming an unreviewed, automatically renewed budgetary entitlement, ensuring continued scrutiny of the recipient's actual needs and performance each budget cycle D It has no practical effect since grant-in-aid was already prohibited under the PFM Act, 2019
15. Question 15 of 200

    Which of the following best summarizes the core accountability chain established by these regulations, from Parliament down to individual departmental officers?

    A There is no defined accountability chain; each officer operates in complete isolation from all others B Parliament (and its committees) holds the PAO accountable (Regulation 6); the PAO is assisted by the CFAO and receives independent assurance from the chief internal auditor; and the PAO in turn delegates powers to, while remaining jointly/severally responsible with, heads of department and subordinate officers C The Auditor-General directly manages all departmental expenditure with no role for any PAO, CFAO, or subordinate officer D Individual departmental officers are accountable only to themselves with no upward reporting of any kind
16. Question 16 of 200

    Under Regulation 33(9), the audit committee monitors the implementation status of what, arising from internal and external audit processes?

    A Foreign trade agreements B National census results C Audit recommendations D Judicial court verdicts
17. Question 17 of 200

    Under Regulation 33(5), the chief internal auditor submits internal audit reports to whom?

    A Only the Prime Minister's Office, bypassing the PAO B Only the National Assembly Secretariat C The principal accounting officer and the audit committee D Only a foreign donor agency funding the audit
18. Question 18 of 200

    Under Regulation 19, who assists the principal accounting officer in the allocation of budget within the issued ceilings?

    A The Auditor-General of Pakistan personally B The Establishment Division exclusively C Chief finance and accounts officers D The Public Accounts Committee
19. Question 19 of 200

    Which of the following best explains why Regulation 11 permits expenditure sanctions that benefit a selected person/community if made 'in pursuance of a policy of the government'?

    A It effectively nullifies the entire prohibition, since any sanction can be labeled a 'policy' with no real distinction B It applies only to Defence Services expenditure and no other sector C It distinguishes impermissible self-serving or arbitrary favoritism from legitimate, policy-driven targeted government spending (e.g., a subsidy or welfare scheme approved through proper channels) D It requires prior approval from a foreign government before any such sanction can be issued
20. Question 20 of 200

    Which of the following best describes how Regulation 14(a)'s reference to 'schedule of authorized expenditure, supplementary grant, or re-appropriation' relates to section 23 of the Public Finance Management Act, 2019?

    A Regulation 14(a) has no connection whatsoever to the Public Finance Management Act, 2019 B Regulation 14(a) directly contradicts and overrides section 23 of the PFM Act, 2019 C Section 23 of the PFM Act, 2019 deals exclusively with foreign affairs, unrelated to expenditure control D Regulation 14(a) operationalizes the underlying statutory principle from PFM Act section 23 that no expenditure may be incurred without proper sanction and a corresponding budgetary provision mechanism
21. Question 21 of 200

    Under Regulation 5, who has the authority to designate any officer as principal accounting officer?

    A The Auditor-General of Pakistan, unilaterally B The Prime Minister, on the recommendation of the administrative Secretary and Finance Division C The Federal Cabinet, without any recommendation process D The Chief Justice of Pakistan, on judicial application
22. Question 22 of 200

    Under Regulation 30, the office of chief finance and accounts officer (CFAO) shall be headed by what level of officer?

    A A junior clerical officer with no supervisory role B An officer appointed directly by the National Assembly C An officer from a foreign donor agency D A senior level officer responsible for assisting and supporting the PAO in managing financial affairs
23. Question 23 of 200

    Under Regulation 32(14), in respect of coordination with the Public Accounts Committee (PAC) or Departmental Accounts Committee (DAC), the CFAO is responsible for coordinating matters relating to what, on behalf of the PAO?

    A Only matters relating to foreign trade negotiations B PAC, DAC and audit observations on appropriation accounts and audit reports C Only matters relating to national holiday scheduling D Only matters relating to postal service tariffs
24. Question 24 of 200

    Under Regulation 19, what type of budget ceilings does the Finance Division issue to the principal accounting officer, within the fiscal framework approved by the Cabinet?

    A Multiple, itemized short-term ceilings with no medium-term view B Single-line medium-term budget ceilings C No ceilings at all; PAOs set their own limits unilaterally D Ceilings set exclusively by the National Assembly, bypassing the Finance Division
25. Question 25 of 200

    Which regulation number is the final, concluding regulation of the FM&PPAO Regulations, 2021?

    A Regulation 30 B Regulation 33 C Regulation 34 D Regulation 25
26. Question 26 of 200

    Under Regulation 20, the Finance Division ensures budget estimates are appropriately reflected in the annual budget statement, consistent with which Articles of the Constitution?

    A Articles 184 and 199 B Articles 62 and 63 C Articles 25 and 27 D Articles 80 and 81
27. Question 27 of 200

    Under Regulation 32(1)(a), in respect of budgeting, what is the CFAO's role regarding the entire budgeting activity in the Division and its departments/sub-ordinate offices?

    A To have no role in budgeting whatsoever; this rests solely with the PAO B To undertake the budget planning and execution and coordinate the entire budgeting activity C To simply forward budget documents without any coordination role D To act solely as a passive observer with no active planning function
28. Question 28 of 200

    Which of the following best explains the significance of Regulation 7(1)(r)'s directive that public entities' own resources (not the government exchequer) should fund their employees' salaries and pensions where contingent liabilities exist?

    A It means public entities' employees are entitled to no salaries or pensions whatsoever B It applies only to entities located outside of Pakistan C It has been rendered moot since all public entities were abolished after 2021 D It aims to contain fiscal risk by preventing public entities from routinely and informally shifting their basic operating costs onto general government finances, preserving the distinction between self-sustaining entities and direct budgetary support
29. Question 29 of 200

    Under Regulation 13, does delegation of financial powers to subordinate officers diminish the PAO's own responsibility for oversight?

    A Yes, delegation completely transfers all responsibility away from the PAO B Delegation eliminates all accountability requirements for everyone involved C No, the delegation shall not diminish the responsibility and accountability of the principal accounting officer for oversight D Delegation applies only to Defence Services, which are excluded from this rule
30. Question 30 of 200

    Under Regulation 14(b), by which date each year may a PAO approve re-appropriation of funds from one expenditure item to another within the same budget grant?

    A By the thirty-first day of May each year B By the thirty-first day of December each year C By the first day of July each year D By the fifteenth day of August each year
31. Question 31 of 200

    Under Regulation 7(1)(l), the PAO's power to sanction expenditure as per delegated financial powers is subject to what key limitation?

    A There is no limitation; sanctioning is entirely discretionary B Such sanctioned expenditure shall not exceed the allocated budget C The limitation applies only to development expenditure, not current expenditure D The limitation applies only during the final quarter of the fiscal year
32. Question 32 of 200

    Under Regulation 33(6), what body is established within each Ministry or Division to oversee the internal audit function?

    A A foreign advisory board B A judicial tribunal C A parliamentary sub-committee D An audit committee
33. Question 33 of 200

    Under Regulation 27, who approves the appointment of contingent paid staff within budgetary provisions?

    A The Chief Internal Auditor B The Public Accounts Committee C The Finance Division D The Prime Minister's Office directly, in every single case
34. Question 34 of 200

    Which of the following categories of financial power would typically be addressed within the Schedule to the FM&PPAO Regulations, 2021, consistent with Regulations 26 and 27?

    A The design of the national flag B Creation of posts and appointment of contingent paid staff, among other delegated financial powers C The appointment of Supreme Court judges D The scheduling of national elections
35. Question 35 of 200

    Which of the following best captures why Regulation 31(d)'s three-year 'cooling-off' bar (preventing a former CFAO from becoming external auditor of the same Ministry/Division) is significant?

    A It helps preserve auditor independence and objectivity by preventing a conflict of interest arising from a former insider auditing the very Ministry/Division they recently helped manage financially B It has no practical significance and exists purely as a formality with no real-world rationale C It applies only to CFAOs who performed poorly in their prior role D It was later repealed and no longer forms part of the regulations
36. Question 36 of 200

    Under Regulation 7(1)(k), budget execution responsibilities of the PAO include realization of what, with reference to objective-based budgeting?

    A Only compliance with parliamentary seating arrangements B Only compliance with foreign diplomatic protocol C Only adherence to office dress-code policy D Economic forecasts and projections, and achievement of goals/targets committed under performance agreements
37. Question 37 of 200

    Under Regulation 7(5), heads of autonomous bodies who receive government funds but have NOT been designated as PAO shall exercise what powers?

    A The same powers as delegated to a head of department under these regulations, in addition to any specific powers under their own enactment/rules B No financial powers whatsoever, since they lack PAO status C The full powers of a PAO, identical to Secretaries of Divisions D Powers determined solely at their own discretion with no reference to these regulations
38. Question 38 of 200

    Under Regulation 33(2)(b), how is the chief internal auditor appointed, in terms of procedural authority?

    A By the Auditor-General of Pakistan, in consultation with the Establishment Division and the Ministry/Division concerned B Solely by the Ministry concerned, with no external consultation C By direct Presidential Ordinance in each individual case D By open public competitive examination administered by FPSC each time
39. Question 39 of 200

    Under Regulation 31(g), on whose payroll is the post of chief finance and accounts officer maintained?

    A The Ministry or Division concerned, with pay/allowances charged to that Ministry/Division B The Auditor-General's office, regardless of posting location C A dedicated central Finance Division payroll fund D A private trust fund set up for this specific purpose
40. Question 40 of 200

    Under Regulation 28, besides the DDWP, which other development-related working party/committee is explicitly named for Finance Division representation?

    A The Central Development Working Party (CDWP) B The State Bank Monetary Policy Committee C The Council of Common Interests D The National Finance Commission
41. Question 41 of 200

    Under Regulation 33, which two officers/positions are explicitly restricted from holding 'additional charge' of one another's post, reflecting a clear separation-of-functions principle?

    A The Prime Minister and the Chief Justice B The Auditor-General and the Controller General of Accounts C The Cabinet Secretary and the Foreign Secretary D The chief internal auditor and the chief finance and accounts officer
42. Question 42 of 200

    Under Regulation 33(2)(c), by how much may the standard three-year chief internal auditor tenure be extended?

    A By a further period of exactly ten years automatically B By a further period of up to two years, on satisfactory performance C It cannot be extended under any circumstances D By a further period determined solely by a foreign consultant
43. Question 43 of 200

    Under Regulation 7(1)(q), grant-in-aid approval requires what, in accordance with section 6 of the Act?

    A Automatic annual renewal with no further review required B That it shall not be a recurring budget feature and shall be approved only after detailed review of revenues, expenditures, assets, liabilities, plans and needs C Approval solely by the recipient entity itself with no PAO oversight D No review whatsoever, given its charitable nature
44. Question 44 of 200

    Which of the following best captures the overall objective the Cabinet intended to achieve through the FM&PPAO Regulations, 2021, following the PFM Act, 2019's enactment?

    A To clearly delineate the financial management responsibilities and delegated powers of principal accounting officers, chief finance and accounts officers, and chief internal auditors within a modernized public financial management framework B To abolish the position of principal accounting officer entirely C To transfer all financial management authority exclusively to the Auditor-General of Pakistan D To eliminate the Finance Division's role in federal financial management
45. Question 45 of 200

    Which of the following best explains the significance of Regulation 33(6)-(9)'s establishment of an 'audit committee' as distinct from the chief internal auditor position itself?

    A The audit committee provides a collective, PAO-chaired oversight body that approves the audit plan and monitors recommendation implementation, complementing (rather than duplicating) the chief internal auditor's operational audit execution role B The audit committee and the chief internal auditor perform entirely identical functions with complete redundancy C The audit committee replaces the chief internal auditor entirely, making that position unnecessary D The audit committee has no defined role or function under these regulations
46. Question 46 of 200

    Which of the following best describes the significance of Regulation 5's requirement that PAO designation be made by the Prime Minister on joint recommendation of the administrative Secretary and Finance Division, rather than by either body alone?

    A It means the Prime Minister has no actual discretion and must simply rubber-stamp any joint recommendation automatically B This dual-recommendation requirement ensures both sectoral/administrative expertise (from the Secretary) and central fiscal oversight perspective (from Finance Division) inform this significant accountability designation C It applies only to designations made before 2021 and has no bearing on designations made afterward D It was intended to slow down the designation process indefinitely with no practical benefit
47. Question 47 of 200

    Under Regulation 32(3), in respect of economic forecasting, what does the CFAO assist the PAO in doing?

    A Mapping the Division's financial future and its role in the overall economic picture B Drafting foreign policy statements unrelated to finance C Setting national monetary policy interest rates D Appointing judges to the Federal Shariat Court
48. Question 48 of 200

    Under Regulation 33(3), the internal audit function's overall scope is described as determining whether the Ministry/Division's system of internal control is adequate to ensure what, among other things?

    A Maximum publicity for the Ministry's activities in the press B Complete elimination of all government employees C Reliable financial and operational information, and compliance with policies, plans, laws and regulations D Unlimited discretionary spending with no oversight
49. Question 49 of 200

    Which of the following best summarizes the overall significance of the FM&PPAO Regulations, 2021 replacing the System of Financial Control and Budgeting, 2000, more than two decades after that earlier framework was first introduced?

    A It reflects an effort to modernize and align Pakistan's federal financial management practices with the newer Public Finance Management Act, 2019 and evolving international good practice, addressing gaps identified in the earlier framework B It reflects a purely cosmetic renaming exercise with no substantive change in financial management practice C The System of Financial Control and Budgeting, 2000 was never actually replaced and continues to operate in full alongside the 2021 regulations D The change was made without any connection to the Public Finance Management Act, 2019
50. Question 50 of 200

    Under the proviso to Regulation 4(2), what happens if the head of an organization holds a constitutional position?

    A Any other senior officer of the organization may be designated as principal accounting officer B The organization is automatically exempted from having a PAO C The Prime Minister personally becomes the PAO D The Auditor-General becomes the PAO by default
51. Question 51 of 200

    Under Regulation 7(1)(h), the PAO must ensure availability of budgetary allocations, especially under which head of expenditure, to secure timely payment?

    A Employee related expenditure (ERE), ensuring timely payment of emoluments B Only foreign travel expenditure C Only capital asset purchase expenditure D Only expenditure on office stationery
52. Question 52 of 200

    Under Regulation 33(2)(e), during his tenure, the chief internal auditor shall NOT be given additional charge of which post?

    A Only the post of a driver or messenger B Only ceremonial or honorary posts with ho substantive duties C There is no such restriction under this regulation D Chief finance and accounts officer, Joint Secretary, Deputy Secretary, or any other post
53. Question 53 of 200

    Under Regulation 31(f), a CFAO may be transferred before completion of the prescribed period on whose written advice, addressed to the Auditor-General of Pakistan?

    A Only the Prime Minister, personally B Only a foreign donor agency C Only the National Assembly Speaker D The principal accounting officer or Finance Division
54. Question 54 of 200

    Under Regulation 15, the Finance Division's responsibilities derive from the Constitution and which specific Act concerning federal fiscal responsibility, besides the PFM Act?

    A The Civil Servants Act, 1973 B The Federal Responsibility and Debt Limitation Act, 2005 C The Auditor-General's Ordinance, 2001 D The Companies Act, 2017
55. Question 55 of 200

    What is the short title given to these regulations under Regulation 1(1)?

    A The Public Finance Management Regulations, 2021 B The Financial Management and Powers of Principal Accounting Officers Regulations, 2021 C The Federal Financial Control Regulations, 2021 D The Principal Accounting Officers Act, 2021
56. Question 56 of 200

    Which of the following organizations, apart from Federal Ministries/Divisions, attached departments and sub-ordinate offices, are also covered under Regulation 1(2)?

    A Any other Federal Government organisations and entities functioning under existing rules and regulations for official business B Only provincial government departments C Only local government bodies D Only privately-owned corporations
57. Question 57 of 200

    Under Regulation 25, if a lump provision is required to be maintained in the budget, whose demand for grants does it become part of?

    A The demand for grants under the control of the Finance Division B The demand for grants of whichever Ministry first requests it C No demand for grants; it exists entirely outside the budget D The demand for grants of the Auditor-General's office
58. Question 58 of 200

    Under Regulation 7(1)(r), regarding contingent liabilities of public entities, from where should salaries and pensions of the entities' employees be met?

    A Exclusively from the Federal Consolidated Fund regardless of the entity's own resources B From a special international loan fund C From the resources of the public entities themselves, not unnecessarily shifted to the government exchequer D From the personal funds of the principal accounting officer
59. Question 59 of 200

    Which of the following best describes why these regulations distinguish between a PAO's 'delegated' financial authority (Regulation 7(1)(e)) and matters requiring Finance Division or other approval?

    A There is no meaningful distinction; all matters, regardless of nature, require identical approval processes B This distinction applies only to Defence Services, which are otherwise excluded from these regulations C This distinction was eliminated entirely by Regulation 34's repeal provision D This distinction operationalizes a risk-based control framework, allowing routine, lower-risk decisions to be made efficiently at the PAO level while reserving higher-risk, cross-cutting, or precedent-setting matters for central Finance Division scrutiny
60. Question 60 of 200

    Under Regulation 14(b), in exceptional cases of exigency, which body may extend the prescribed 31 May time limit for re-appropriation before the close of the financial year?

    A The Auditor-General of Pakistan B The National Assembly, via a formal resolution C The Finance Division D The Supreme Court of Pakistan
61. Question 61 of 200

    Under Regulation 31(d), after transferring from a Division where he served as CFAO, for how long is he barred from serving as external auditor for that same Ministry/Division?

    A A period of ten years B A period of three years C There is no such restriction at all D A period of six months
62. Question 62 of 200

    Under Regulation 31(k), who decides matters relating to the posting of subordinate officers/officials as deputy or assistant CFAOs?

    A The Secretary (principal accounting officer) concerned of a Ministry or Division B The Auditor-General of Pakistan, without any Ministry input C The Public Accounts Committee D No one; such postings occur automatically by seniority
63. Question 63 of 200

    Under Regulation 32(13), in respect of risk management, the CFAO assists the PAO and chief internal auditor in undertaking what exercise annually?

    A An exercise to assess/evaluate risks faced by the Division/department, maintaining a risk register B An exercise to determine annual bonus payments for all staff C An exercise to redesign the Ministry's official letterhead D An exercise to relocate the Ministry's headquarters
64. Question 64 of 200

    Under Regulation 7(1)(e), for what type of matters must the PAO seek prior approval from the Finance Division or other relevant authority?

    A All matters, even those already fully delegated to him B No matters at all, since he has full autonomous authority C Only matters relating to foreign travel D Matters related to non-delegated financial authority
65. Question 65 of 200

    Under Regulation 13, who is responsible for delegating appropriate financial powers to sub-ordinate officers and officials?

    A Only the Finance Division, with no role for the PAO B The principal accounting officer and head of department or office C Only the Auditor-General D Only the Establishment Division
66. Question 66 of 200

    Under Regulation 31(i), who initiates or writes the CFAO's performance evaluation report?

    A The chief internal auditor exclusively B The Auditor-General of Pakistan personally C The Secretary of the Division concerned D The CFAO evaluates himself with no external input
67. Question 67 of 200

    Under Regulation 17, which of the following is an example of a policy guideline area the Finance Division may issue instructions on?

    A Only matters relating to national defence strategy B Only matters relating to foreign policy formulation C Only matters relating to judicial procedure D Funds-release strategy, austerity measures, commitment control system, and internal audit charter
68. Question 68 of 200

    Under Regulation 33(2)(b), which two entities must the Auditor-General consult before appointing a chief internal auditor?

    A The Supreme Court and the President's Secretariat B A foreign donor agency and the World Bank C The Establishment Division and the Ministry/Division concerned D The Election Commission and the Senate Secretariat
69. Question 69 of 200

    Under Regulation 33(3)(d), the internal audit function evaluates the economy and efficiency of what?

    A The use of foreign languages in official correspondence B The use of ceremonial protocols at state functions C The use of social media by government officials D The use of resources
70. Question 70 of 200

    Under Regulation 6, before which body is a principal accounting officer accountable for the use of resources and propriety of expenditure?

    A Only the Prime Minister's Secretariat, with no parliamentary role B Only the Auditor-General, with no parliamentary role C Only the Supreme Court of Pakistan D The Parliament of Pakistan, including relevant Parliamentary Committees
71. Question 71 of 200

    Under Regulation 8(a), under the Rules of Business 1973, which Division has been allocated business relating to finances of the Federal Government as a whole?

    A Establishment Division B Finance Division C Cabinet Division D Planning Commission
72. Question 72 of 200

    Under Regulation 7(1)(a), the PAO must adhere to and enforce principles of financial propriety, which includes ensuring what, while incurring expenditure and collecting receipts?

    A Value for money, along with compliance of laws, rules, and regulations, and high standards of prudence, vigilance, and due diligence B Maximum possible expenditure regardless of need C Exclusive reliance on verbal approvals with no written record D Complete avoidance of any government receipts collection
73. Question 73 of 200

    Under Regulation 21, to which body does the Finance Division provide its opinion on proposals for supplementary grant or technical supplementary grant?

    A The Economic Coordination Committee of Cabinet or Federal Cabinet, or render advice to the PAOs B Only the Supreme Court of Pakistan C Only the Auditor-General of Pakistan D Only foreign donor agencies
74. Question 74 of 200

    Under Regulation 8(f), who assists the principal accounting officer in matters related to financial management?

    A The chief finance and accounts officer B The chief internal auditor exclusively C The Auditor-General of Pakistan personally D A privately hired external consultant
75. Question 75 of 200

    Under Regulation 34, which prior framework is repealed upon notification of the FM&PPAO Regulations, 2021?

    A The System of Financial Control and Budgeting, 2000, as amended from time to time B The Public Finance Management Act, 2019 in its entirety C The Constitution of Pakistan's financial provisions D The Auditor-General's Ordinance, 2001
76. Question 76 of 200

    Which of the following best explains why Regulation 26 and Regulation 27 (creation of posts; appointment of contingent paid staff) both require Finance Division approval 'within budgetary provisions' rather than granting PAOs unrestricted authority in these areas?

    A These matters have no financial implications at all, making the approval requirement purely procedural formality B This requirement applies only to Defence Services, which are otherwise excluded from these regulations C Post creation and staffing decisions carry long-term recurring financial commitments (salaries, pensions), so central Finance Division review helps ensure such commitments remain sustainable within approved budgets D Finance Division approval for these matters was eliminated by a later amendment to the regulations
77. Question 77 of 200

    According to Regulation 2(1)(b), how is 'attached department' defined within these regulations?

    A As defined in the Civil Servants Act, 1973 B As defined in the Rules of Business, 1973 C As defined in the Public Finance Management Act, 2019 itself D As defined by the Auditor-General of Pakistan
78. Question 78 of 200

    Under Regulation 7(1)(m), the PAO is responsible for formulating and monitoring which of the following, in accordance with the Act?

    A Plans, outcomes, outputs, and key performance indicators and targets B Only the annual leave schedule of employees C Only the office seating plan D Only vehicle maintenance logs
79. Question 79 of 200

    Under Regulation 4(2), which of the following is NOT listed as a condition for an official to be notified as principal accounting officer?

    A Being head of a department or sub-ordinate office B Being an officer controlling a specific budgetary demand for grant C Being an officer controlling one or more cost centres involving strategic interest D Being a member of the National Assembly
80. Question 80 of 200

    Under Regulation 31(h), any addition or reduction in the existing sanctioned posts of CFAO is decided by whom?

    A The individual Ministry concerned, unilaterally B The Auditor-General of Pakistan, in consultation with Finance Division and Establishment Division C The Supreme Court of Pakistan D The National Assembly, via a formal resolution requiring a two-thirds majority
81. Question 81 of 200

    Under Regulation 26, who approves cases for creation of posts within budgetary provisions?

    A The Establishment Division exclusively, with no Finance Division role B The Finance Division C The Auditor-General of Pakistan D Individual Ministries, entirely without any central approval
82. Question 82 of 200

    Which of the following best explains why specific monetary delegation limits are set out in a Schedule rather than within the main body of the regulations?

    A Schedules have no legal force and are purely illustrative with no binding effect B It is a stylistic choice with no practical or legal significance C A Schedule allows for more detailed, itemized, and periodically adjustable limits without requiring amendment of the substantive regulations themselves D Schedules are used only when a regulation's main text is too short to include the information
83. Question 83 of 200

    Under Regulation 14(g), the PAO is responsible for implementing Finance Division policy guidelines for what type of control system?

    A Annual and multi-annual commitment control system B Only a one-time, single-year commitment system C A voluntary system with no formal implementation requirement D A system applicable solely to foreign-funded projects
84. Question 84 of 200

    Under Regulation 22, who may extend the date for re-appropriation of funds after the date specified under the Act?

    A The Auditor-General of Pakistan, unilaterally B The Supreme Court of Pakistan, via judicial order C The Finance Division, on request D The Public Accounts Committee, via resolution
85. Question 85 of 200

    Under Regulation 14(d), by which date must Ministries/Divisions surrender all anticipated savings in grants, assignment accounts, or grants-in-aid to the Finance Division?

    A By the thirty-first day of December each year B By the first day of January each year C By the thirty-first day of May each year (extendable by Finance Division in exceptional exigency) D There is no deadline; surrender is entirely optional
86. Question 86 of 200

    Which of the following best describes why these regulations impose specific minimum tenure requirements (e.g., two years for CFAO under Regulation 31(c), three years for chief internal auditor under Regulation 33(2)(c)) rather than leaving posting duration entirely to administrative discretion?

    A Minimum tenures promote institutional continuity, deeper subject-matter expertise, and insulation from short-term administrative or political pressure that could otherwise undermine these officers' financial management and audit responsibilities B Minimum tenures serve no practical purpose and were included only as arbitrary bureaucratic formalities C Minimum tenures apply only to officers who perform poorly and are meant as a punitive measure D Minimum tenures were later removed from the regulations by subsequent amendment
87. Question 87 of 200

    Which of the following best explains the practical importance of Regulation 7(1)(p)'s requirement for monthly reconciliation between the PAO's department and accounting offices, in addition to the quarterly Finance Division reporting?

    A Monthly reconciliation is purely duplicative of the quarterly reporting and serves no additional practical purpose B Monthly reconciliation applies only in the final month of the fiscal year C Monthly reconciliation catches discrepancies between departmental and accounting records early and frequently, preventing the accumulation of unreconciled errors that could otherwise distort quarterly and annual financial reporting D Monthly reconciliation was eliminated by these regulations in favor of quarterly reporting alone
88. Question 88 of 200

    Which of the following best describes the practical effect of Regulation 13's provision that delegation 'shall not diminish' the PAO's responsibility and accountability?

    A Once powers are delegated, the PAO bears absolutely no further responsibility for how they are exercised B Even after delegating specific financial powers downward, the PAO remains ultimately answerable for the overall exercise of those powers by subordinate officers C Delegation automatically transfers full legal liability to the Finance Division instead of the PAO D Delegation is prohibited entirely under these regulations, making this provision moot
89. Question 89 of 200

    Under Regulation 31(j), which officers responsible for budget, finance and accounts in a Ministry/Division shall work under and report to the CFAO?

    A Only officers from the Auditor-General's own staff B Only the Chief Internal Auditor C No officer is required to report to the CFAO under this regulation D The Deputy Secretary or equivalent and Section Officer or equivalent officers
90. Question 90 of 200

    Which of the following best describes why Regulation 28's inclusion of Finance Division representation on bodies like the CDWP and ECNEC is significant for development project approval?

    A Finance Division representation on these bodies has no bearing on the substance of decisions made B The CDWP and ECNEC are internal Finance Division committees with no other agency representation C This requirement was included only for symbolic reasons with no substantive purpose D It ensures that development project appraisal and approval processes incorporate fiscal and budgetary perspective from the outset, rather than being assessed purely on technical/developmental merits
91. Question 91 of 200

    Under Regulation 7(6), what happened to the Financial Advisor's Organisation of the Finance Division, and what followed?

    A It was expanded and renamed the Chief Finance Office B It was disbanded under the Act; Joint Secretaries/Deputy Secretaries (Expenditure) of Finance Division were re-assigned duties for various Ministries/Divisions C It was transferred in its entirety to the Auditor-General's office D It continues to function exactly as before, unaffected by the Act
92. Question 92 of 200

    Which regulation is titled 'Issuance of indicative budget ceilings within the fiscal framework approved by the Cabinet'?

    A Regulation 19 B Regulation 20 C Regulation 21 D Regulation 22
93. Question 93 of 200

    Under Regulation 31(d), during his posting, a CFAO shall NOT be given additional charge of which of the following posts?

    A Joint Secretary, Deputy Secretary, chief internal auditor, or any other post B Only the post of Section Officer C Only the post of a foreign liaison officer D There are no restrictions on additional charges for a CFAO
94. Question 94 of 200

    Under Regulation 7(1)(n), from whom may the PAO seek assistance for applying internal control procedures within the Division?

    A The Auditor-General of Pakistan directly, bypassing the internal auditor B The Prime Minister's Office exclusively C The chief internal auditor posted with the Secretary of the Ministry or Division D The Public Accounts Committee directly
95. Question 95 of 200

    Which of the following best describes how the FM&PPAO Regulations, 2021 as a whole reflect broader international public financial management (PFM) reform principles (e.g., as promoted by institutions like the IMF or World Bank)?

    A They incorporate recognizable PFM good-practice elements such as clear PAO accountability, medium-term budget ceilings, treasury single account cash management, risk-based internal audit, and SOE fiscal risk monitoring B They reflect no connection whatsoever to any international public financial management standards or practices C They were drafted in complete isolation without reference to any comparative international experience D They exclusively follow a uniquely Pakistani model with no parallels anywhere else in the world
96. Question 96 of 200

    Which of the following best describes the overall legal status of the Schedule relative to the 34 numbered regulations in the FM&PPAO Regulations, 2021?

    A The Schedule is a non-binding appendix with purely advisory, non-enforceable status B The Schedule supersedes and overrides the main regulations wherever any conflict arises C The Schedule was later withdrawn and no longer forms part of the regulations D The Schedule forms an integral, legally binding part of the regulations, operationalizing the delegation principles established in the main regulatory text
97. Question 97 of 200

    Which of the following best describes why Regulation 17's list of policy guideline areas explicitly includes 'internal audit charter' alongside more purely budgetary matters like 'funds-release strategy'?

    A Internal audit has no connection whatsoever to financial management and was included in error B It means the Finance Division directly performs internal audits itself rather than the chief internal auditor C It reflects the regulations' integrated view of financial management, treating internal audit governance as a policy area coordinated by the Finance Division alongside core budget execution matters D It applies only to Defence Services, which are excluded from the rest of these regulations
98. Question 98 of 200

    Under Regulation 21, what specific assessment must the Finance Division provide when examining supplementary grant proposals?

    A Only an assessment of the proposal's political popularity B An assessment of the impact of the supplementary grant on the fiscal operations of the Government C Only an assessment of the requesting officer's seniority D No assessment is required; approval is automatic
99. Question 99 of 200

    According to Regulation 2(2), how are words and expressions used but not defined within these regulations to be interpreted?

    A They shall be interpreted solely according to common dictionary usage B They shall have no legal meaning and shall be disregarded C They shall have the same meaning as assigned in the Act (Public Finance Management Act, 2019) D They shall be interpreted according to the Rules of Business, 1973 exclusively
100. Question 100 of 200

     Under Regulation 32(8), in respect of maintenance, reconciliation and reporting of accounts, how often must the CFAO supervise reconciliation of accounts with actual figures from AGPR, banks, or other relevant bodies?

     A On a daily basis B On an annual basis only C On a monthly basis D On a five-year basis
101. Question 101 of 200

     Under Regulation 32(2)(e), the CFAO monitors collection and reconciliation of non-tax revenue receipts by departments/offices under the PAO's jurisdiction, with what notable exception?

     A Except in the case of the Auditor-General's office B There is no exception; all bodies are covered without limitation C Except in the case of Provincial Governments only D Except in the case of the Federal Board of Revenue (FBR)
102. Question 102 of 200

     Under Regulation 32(7)(a), besides implementing TSA rules, the CFAO also reports on the closure of what type of accounts and transfer of funds into which fund?

     A Closure of provident fund accounts and transfer into a private pension fund B Closure of commercial bank accounts and transfer of funds into the Federal Consolidated Fund C Closure of foreign embassy accounts and transfer into a UN trust fund D Closure of no accounts; this is not part of the CFAO's TSA role
103. Question 103 of 200

     Under Regulation 7(1)(g), if a project financed by the Federal Government is executed by a provincial government, where should the budget be kept?

     A Entirely within the provincial government's own budget, with no Federal demand involvement B Split equally between Federal and Provincial budgets automatically C In a separate, off-budget account outside both Federal and Provincial systems D In the demand of the most relevant Division, department, or office
104. Question 104 of 200

     Under Regulation 7(4), how is responsibility for financial propriety, performance-based budgeting, and expenditure control distributed among the Secretary/PAO, heads of departments, sub-ordinate offices, and autonomous bodies?

     A Solely upon the Secretary/PAO, with no responsibility on subordinate officers B Solely upon subordinate officers, with no responsibility on the Secretary/PAO C Responsibility is entirely eliminated once delegation occurs D Jointly and severally
105. Question 105 of 200

     Which regulation addresses 'Prior consultation with Finance Division while initiating legislative proposals having financial implications'?

     A Regulation 16 B Regulation 17 C Regulation 18 D Regulation 19
106. Question 106 of 200

     Under which Act's authority were the Financial Management and Powers of Principal Accounting Officers Regulations, 2021 issued?

     A Section 27 of the Public Finance Management Act, 2019 B Section 27 of the Rules of Business, 1973 C Section 6 of the Civil Servants Act, 1973 D Section 11 of the Constitution of Pakistan
107. Question 107 of 200

     Under Regulation 33(3), besides internal controls and compliance, the internal audit function also reviews the means used for safeguarding what?

     A Diplomatic correspondence exclusively B Only classified military information C Only foreign currency reserves held abroad D Assets
108. Question 108 of 200

     Under Regulation 7(1)(b), the PAO is responsible for ensuring what quality of use regarding funds, budget, assets and human resources?

     A Maximum use regardless of efficiency considerations B Effective, efficient, economical and transparent use C Minimal use with no regard to service delivery D Exclusive use for administrative overheads only
109. Question 109 of 200

     Under Regulation 33(3)(e), the internal audit function reviews whether operations/programs are being carried out as planned and whether what is being achieved?

     A Desired results or benefits B Maximum media coverage C Complete elimination of all government spending D Full agreement among all political parties
110. Question 110 of 200

     To which of the following do the FM&PPAO Regulations, 2021 NOT apply, per Regulation 1(2)?

     A Federal Government Ministries and Divisions B Attached departments and sub-ordinate offices C Other Federal Government organisations and entities D Defence Services (for which separate regulations are to be notified by the Ministry of Defence)
111. Question 111 of 200

     Which of the following best captures the overall purpose of including both a detailed responsibilities list for the PAO (Regulation 7) and detailed functional lists for the CFAO (Regulation 32) and chief internal auditor (Regulation 33), rather than leaving these roles more generally defined?

     A Detailed, itemized lists reduce ambiguity about which official is responsible for which specific financial management task, supporting clearer accountability and more consistent implementation across different Ministries and Divisions B Detailed lists serve no functional purpose and exist purely to lengthen the regulatory document C Detailed lists were included only for Defence Services, which are otherwise excluded from these regulations D Detailed lists apply only during the first year after notification and expire automatically thereafter
112. Question 112 of 200

     Which regulation addresses 'Expenditure from lump provision'?

     A Regulation 24 B Regulation 26 C Regulation 25 D Regulation 23
113. Question 113 of 200

     Which of the following best describes the overall drafting structure of the FM&PPAO Regulations, 2021, in terms of how its 34 regulations are thematically organized?

     A The 34 regulations are arranged in no discernible thematic order whatsoever B All 34 regulations address an identical single topic with no thematic progression C They progress from foundational definitions and PAO responsibilities, through delegation principles and Finance Division's specific roles, to the detailed functions of the CFAO and chief internal auditor, concluding with the repeal of the prior framework D The regulations are organized alphabetically by keyword rather than by thematic content
114. Question 114 of 200

     Under Regulation 7(1)(d), the PAO is described as the 'ultimate planner' with respect to what?

     A Only areas explicitly assigned by the Auditor-General B Only foreign-funded projects, excluding domestic programs C His areas of activity, in formulating plans, programs and projects for efficient public service delivery D Only matters unrelated to public service delivery
115. Question 115 of 200

     Under Regulation 32(17), besides the sixteen specific functional areas listed, what residual duty may be assigned to the CFAO?

     A Any other duty, role or responsibility assigned by Government or the Secretary/PAO concerned, consistent with the Constitution, the Act, and other rules B No further duties may ever be assigned beyond the sixteen listed areas C Only duties relating exclusively to foreign travel arrangements D Only duties that have been pre-approved by a foreign donor agency
116. Question 116 of 200

     Which of the following best describes why Regulation 7(1)(u)'s requirement that the PAO both attend PAC meetings and hold DAC meetings reflects a two-tiered accountability structure?

     A PAC and DAC are simply two different names for the exact same meeting with no distinction in level or purpose B The PAO has no actual obligation to attend either PAC or DAC meetings despite the regulation's wording C PAC represents the higher, Parliamentary tier of external accountability that the PAO must answer to directly, while the DAC represents a lower, departmental tier where audit objections are first addressed and resolved before escalation D DAC meetings are held only by the Auditor-General, with no PAO involvement whatsoever
117. Question 117 of 200

     Under Regulation 32(15), in respect of disbursements, payments and pre-audit functions, under which specific Ordinance does the CFAO operate in this capacity?

     A The Auditor-General's (Functions, Powers and Terms and Conditions of Service) Ordinance, 2001 B The Public Procurement Regulatory Authority Ordinance, 2002 C The Controller General of Accounts (Appointment, Function and Power) Ordinance, 2001 D The Civil Servants Act, 1973
118. Question 118 of 200

     Under Regulation 23, in which circumstance may the Finance Division approve inclusion of an equal amount of surrendered funds in the next year's budget?

     A In all cases without exception, regardless of project type B Only for current (non-development) expenditure C Never; surrendered funds are permanently lost D In case of development projects and programs of foreign-funded projects, where appropriate
119. Question 119 of 200

     Which regulation is titled 'Examination of the proposals for supplementary grant and technical supplementary grant'?

     A Regulation 19 B Regulation 21 C Regulation 22 D Regulation 23
120. Question 120 of 200

     Which regulation of the FM&PPAO Regulations, 2021 is titled 'Head of financial management'?

     A Regulation 3 B Regulation 6 C Regulation 9 D Regulation 15
121. Question 121 of 200

     Under Regulation 32(9), in respect of asset protection, the CFAO is part of a team or supervises what annual exercise?

     A Annual assets stock-taking, reporting to the Secretary/PAO B An annual audit of foreign embassy staff performance C An annual review of judicial appointments D An annual survey of public opinion on government policy
122. Question 122 of 200

     Under Regulation 31(b), can a single chief finance and accounts officer be given responsibility for more than one Ministry or Division?

     A No, each CFAO must be dedicated exclusively to a single Ministry B Yes, a CFAO may be given additional responsibility to provide assistance to more than one Ministry or Division C No, CFAOs may only serve at the Sub-ordinate office level D Yes, but only with prior approval of the Supreme Court
123. Question 123 of 200

     Which regulation is titled 'Examination of financial matters of the Ministries or Divisions'?

     A Regulation 15 B Regulation 17 C Regulation 20 D Regulation 16
124. Question 124 of 200

     Under Regulation 8(d), an expenditure sanction order issued to the Accountant General or accounting office with PAO approval requires what further step from the Finance Division?

     A Mandatory re-endorsement from the Finance Division in every case B Mandatory approval from the Establishment Division instead C No endorsement from the Finance Division is required D Approval from the Auditor-General before implementation
125. Question 125 of 200

     Under Regulation 16, on which matters shall the Finance Division be consulted, per the Rules of Business, 1973?

     A Only matters relating to foreign ambassadorial appointments B Only matters relating to judicial appointments C Costing, contingent liabilities, future budget implications, cash forecasting, financing modalities, and financial authorities/powers D Only matters relating to national security operations
126. Question 126 of 200

     Under Regulation 10 ('Prudence'), what standard of vigilance must a government servant exercise regarding public fund expenditure?

     A No particular standard of vigilance is required by regulation B A standard lower than that applied to personal money, given public funds' abundance C The same vigilance as a person of ordinary prudence would exercise regarding expenditure of his own money D A standard set exclusively and individually by each Ministry with no common benchmark
127. Question 127 of 200

     Which of the following best explains why Regulation 32(14)'s CFAO coordination role with PAC/DAC is described as being performed 'on behalf of the PAO' rather than independently?

     A It means the CFAO has no actual function in PAC/DAC matters despite the regulation's wording B It means the PAO is entirely absent from all PAC/DAC proceedings, having fully delegated this responsibility C It contradicts Regulation 6 and creates an unresolvable conflict within the regulations D It reflects that ultimate accountability before PAC/DAC rests with the PAO (per Regulation 6), with the CFAO providing essential administrative and technical support rather than displacing the PAO's own accountability
128. Question 128 of 200

     Under Regulation 32(16), in respect of representation of the Division on committees, the CFAO represents the Division at various committees including PAC, DAC, and which development-related working party?

     A The Council of Common Interests B The National Finance Commission C The Election Commission of Pakistan D Departmental Development Working Party (DDWP)
129. Question 129 of 200

     Under Regulation 24(2), based on its analysis, what does the SOE monitoring unit submit to the Finance Division?

     A Only quarterly attendance sheets of SOE staff B Only a list of SOE office addresses C Nothing; the unit's role is purely archival with no recommendations D Recommendations on matters related to the performance and governance of state-owned enterprises
130. Question 130 of 200

     Which of the following best distinguishes the internal audit function (Regulation 33) from the external audit function performed by the Auditor-General of Pakistan under separate legislation?

     A Internal and external audit are identical functions performed by the same officers with no distinction B Internal audit reports directly to Parliament, while external audit reports only to the PAO C There is no external audit function in Pakistan's public financial management system D Internal audit is an in-house, management-oriented assurance and advisory function embedded within the Ministry/Division, while external audit (by the Auditor-General) is an independent constitutional audit function reporting to Parliament
131. Question 131 of 200

     Which regulation is titled 'Re-appropriation of funds' with respect to the Finance Division's own extension authority (distinct from Regulation 14(b)'s PAO-level provision)?

     A Regulation 22 B Regulation 14 C Regulation 11 D Regulation 25
132. Question 132 of 200

     Under Regulation 33(2)(c), what is the standard tenure for a chief internal auditor's posting, before any extension?

     A One year B Three years C Six years D Ten years
133. Question 133 of 200

     On what date were the FM&PPAO Regulations, 2021 notified in the Gazette of Pakistan?

     A 8 March 2020 B 8 March 2021 C 1 July 2019 D 23 March 2021
134. Question 134 of 200

     Under Regulation 31(c), by whom is the posting of an officer as CFAO for a Ministry or Division notified?

     A The Prime Minister's Secretariat, without any other consultation B The Ministry itself, without external coordination C The Establishment Division, in consultation with the Auditor-General of Pakistan D The Supreme Judicial Council
135. Question 135 of 200

     Under Regulation 32(4), in respect of financing or loans, the CFAO assesses financial needs and plans for obtaining what types of loans and grants?

     A Only domestic loans, excluding any foreign sources B Domestic and foreign loans and grants C Only grants from provincial governments D Only loans from private commercial banks
136. Question 136 of 200

     Under Regulation 33(2)(f), a chief internal auditor may be transferred before completing his tenure based on whose recommendation to the Auditor-General?

     A The principal accounting officer or the audit committee B Only a foreign donor agency C Only the Chief Justice of Pakistan D Only the Speaker of the National Assembly
137. Question 137 of 200

     Under Regulation 14(a), referencing section 23 of the Act, no authority shall incur or commit expenditure from the Federal Consolidated Fund until what condition is met?

     A The expenditure has simply been verbally approved by any officer B The expenditure has been publicly announced in a press conference C The expenditure has been approved by a foreign donor agency D The expenditure has been sanctioned by a competent authority and provided for through schedule of authorized expenditure, supplementary grant, or re-appropriation
138. Question 138 of 200

     Under Regulation 31(c), what is the initial minimum posting period for a chief finance and accounts officer, and by how much can it be extended?

     A Six months, extendable by another six months B Five years, with no possibility of extension C One year, extendable indefinitely without limit D Not less than two years, extendable by another two years
139. Question 139 of 200

     Under Regulation 24(1), the Finance Division's monitoring unit for state-owned enterprises (SOEs) is tasked with maintaining what kind of database?

     A An electronic database of the financial and operational performance of SOEs B A paper-based archival system only, with no electronic component C A database limited exclusively to SOE employee attendance records D No database is required under this regulation
140. Question 140 of 200

     Under Regulation 33(7), who typically chairs the audit committee within a Ministry or Division?

     A The principal accounting officer or his nominee B The chief internal auditor himself C A representative of a foreign donor agency D The Auditor-General of Pakistan personally, in every single Ministry
141. Question 141 of 200

     Under Regulation 5, how is the designation of a principal accounting officer formally completed?

     A The designation takes effect automatically without any notification B The designation is announced solely by press release with no Gazette notification C The Finance Division notifies it in the official Gazette with the Prime Minister's prior approval D The Auditor-General publishes the designation independently of the Finance Division
142. Question 142 of 200

     Under Regulation 7(1)(i), the PAO is responsible for proper inclusion and accounting of which category of transactions, in line with Finance Division instructions?

     A Only domestic cash transactions under Rs. 10,000 B Foreign exchange transactions, including loans, grants, foreign procurements, technical assistance, debt, interest and contributions C Only transactions involving physical gold reserves D Only transactions related to postage stamps
143. Question 143 of 200

     Under Regulation 33(3)(b), the internal audit function reviews compliance with which of the following?

     A Only informal office traditions with no legal basis B Only matters relating to foreign protocol etiquette C Applicable laws, rules, regulations, and government policies D Only matters relating to social media usage by staff
144. Question 144 of 200

     Which of the following best describes the relationship between Regulation 24 (Finance Division's role regarding SOEs) and the broader accountability framework established by Regulation 6?

     A Regulation 24 has no connection to Regulation 6 or the broader accountability framework B Regulation 24's SOE monitoring function supports the broader Parliamentary accountability framework under Regulation 6 by providing systematic oversight data on a category of entities (SOEs) that pose particular fiscal risk C Regulation 24 exempts SOEs entirely from any accountability requirements under these regulations D Regulation 24 transfers all SOE oversight responsibility away from the Finance Division to individual SOE boards with no central monitoring
145. Question 145 of 200

     Which of the following best explains the significance of Regulation 7(4)'s 'jointly and severally' responsibility standard for financial propriety and expenditure control?

     A It ensures that responsibility for financial discipline cannot be evaded by any one official simply because others (such as the PAO, heads of department, or autonomous body heads) are also involved B It means that only the most senior official among those named bears any responsibility at all C It means that responsibility is divided into precisely equal, non-overlapping portions with no shared accountability D It has no practical legal effect and is purely symbolic language
146. Question 146 of 200

     Under Regulation 7(1)(t), how frequently must the PAO provide statements of revenues and expenditures of public entities (other than those in sub-regulation (p)) to the Finance Division?

     A On a weekly basis B On a five-yearly basis C Only once, at the entity's initial establishment D On a half-yearly basis, through the chief finance and accounts officer
147. Question 147 of 200

     Under Regulation 14(f), the principal accounting officer's authority to procure goods and services must be exercised as per legal and regulatory provisions prescribed under which body's framework?

     A The State Bank of Pakistan Act, 1956 B The Companies Act, 2017 C The Anti-Money Laundering Act, 2010 D The Public Procurement Regulatory Authority Ordinance, 2002
148. Question 148 of 200

     Which of the following best describes how the FM&PPAO Regulations, 2021 treat the relationship between budget ceilings (Regulation 19) and budgetary proposals prepared by a PAO (Regulation 7(1)(f))?

     A PAO budgetary proposals are entirely unconstrained by any Finance Division ceiling B Budget ceilings are set unilaterally by each PAO with no Finance Division role at all C Budget ceilings apply only to Defence Services, which are otherwise excluded from these regulations D PAO budgetary proposals must be prepared within the indicative budget ceilings issued by the Finance Division, ensuring alignment between departmental planning and the Cabinet-approved fiscal framework
149. Question 149 of 200

     Which of the following three officer positions, taken together, form the core financial management and oversight architecture established by the FM&PPAO Regulations, 2021 within each Ministry/Division?

     A Prime Minister, Cabinet Secretary, and Chief Justice B Principal accounting officer, chief finance and accounts officer, and chief internal auditor C Auditor-General, Controller General of Accounts, and Finance Secretary only D President, Speaker of the National Assembly, and Chairman Senate
150. Question 150 of 200

     Under Regulation 33(4), the chief internal auditor is required to prepare and get approved from the audit committee what annual planning document?

     A The annual national budget statement B The annual internal audit plan C The annual foreign policy white paper D The annual population census plan
151. Question 151 of 200

     Under Regulation 9, what must the PAO ensure regarding the use of public funds for delivery of public services?

     A That public funds are prioritized for administrative expansion over service delivery B That public funds are utilised for delivery and improvement of public services, adhering to value for money and reduction of waste C That public funds are held in reserve and not spent at all D That public funds are transferred entirely to private contractors
152. Question 152 of 200

     Which of the following best captures the overarching theme connecting virtually all 34 regulations and the attached Schedule of the FM&PPAO Regulations, 2021?

     A Regulating the appointment of judges to the Federal Shariat Court B Establishing Pakistan's foreign trade policy framework C Regulating the internal affairs of political parties D Establishing clear, layered, and mutually reinforcing responsibility, delegation, and accountability mechanisms for the management of Federal Government public financial resources, consistent with the Public Finance Management Act, 2019
153. Question 153 of 200

     Under Regulation 14(c), what happens to a request for supplementary budget for an expenditure head from which funds have already been re-appropriated during the year?

     A Such a request must automatically be approved without review B Such a request bypasses the Finance Division entirely C Such a request is redirected to the Auditor-General for approval D Such a request may not be entertained
154. Question 154 of 200

     Under Regulation 28, an official of the Finance Division is to be part of various committees. Which of the following is explicitly named among them?

     A The Supreme Judicial Council B The Election Commission of Pakistan C The Council of Islamic Ideology D The Departmental Development Working Party (DDWP)
155. Question 155 of 200

     Which of the following best captures the overall significance of studying the FM&PPAO Regulations, 2021 for understanding Pakistan's contemporary public financial management system?

     A The regulations provide the detailed operational framework implementing the Public Finance Management Act, 2019's principles, defining precisely how accountability, delegation, budgeting, financial reporting, and internal audit function within Federal Government Ministries and Divisions B The regulations are a purely historical document with no continuing relevance to Pakistan's current financial management practices C The regulations apply exclusively to Defence Services, making them irrelevant to civilian Ministries and Divisions D The regulations have no connection to any other law or constitutional provision governing Pakistan's public finances
156. Question 156 of 200

     Under Regulation 33(3)(a), the internal audit function's scope, per generally accepted auditing standards, includes evaluating what regarding internal controls?

     A Only the aesthetic design of office buildings B The adequacy and effectiveness of internal controls C Only the punctuality of staff attendance D Only the color scheme of official documents
157. Question 157 of 200

     Which of the following best explains the practical relationship between Regulation 19's 'single-line medium-term budget ceilings' and Regulation 14(b)'s re-appropriation provisions?

     A Single-line ceilings eliminate any need for re-appropriation since all allocations are already fixed by head B Because ceilings are issued as a single overall figure rather than itemized by expenditure head, PAOs retain flexibility to reallocate (re-appropriate) funds across heads within that ceiling during the year, subject to the specific conditions and deadlines set in Regulation 14(b) C Re-appropriation authority under Regulation 14(b) applies only when no ceiling has been issued at all D These two provisions are entirely unrelated and address completely separate subject matters
158. Question 158 of 200

     Under Regulation 31(b), in case of non-availability of BPS-20 officers for the CFAO post, which alternative may be considered?

     A Senior officers of the Pakistan Audit and Accounts Service (PAAS) in BPS-19, in their own pay scale B Any BPS-17 officer regardless of service background C A private sector consultant with no civil service background D A retired judge of the High Court
159. Question 159 of 200

     Which of the following best describes the overall relationship between the FM&PPAO Regulations, 2021 and the Public Finance Management Act, 2019?

     A The regulations predate and are entirely independent of the Act B The Act was framed based on and subordinate to these regulations C The two instruments have no legal or administrative connection D The regulations were framed under the Act's authority to implement its provisions, including matters relating to PAOs' financial management functions
160. Question 160 of 200

     Under Regulation 32(2), in respect of revenue estimation, the CFAO assists the PAO in the policy and administration of laws governing what type of revenue receipts?

     A Only customs duty revenue B Only income tax revenue collected by FBR C Non-tax revenue receipts D Only revenue from foreign grants
161. Question 161 of 200

     Which of the following best explains why Regulation 14(g)'s reference to Planning Commission guidelines for development projects complements, rather than conflicts with, the Finance Division's overall budgetary authority under these regulations?

     A Only one of the two bodies has any actual legal authority, with the other being purely ceremonial B The Planning Commission and Finance Division are the same institution under a different name C This provision was later deleted and no longer has any effect D Development planning and appraisal (Planning Commission's domain) and financial/budgetary control (Finance Division's domain) are distinct but interdependent functions, both of which a PAO must satisfy when executing development expenditure
162. Question 162 of 200

     Under Regulation 33(2)(a), from which grade of officers is the chief internal auditor generally appointed?

     A A BPS-16 officer from any background B A retired armed forces officer exclusively C A private sector chartered accountant with no civil service link D A BPS-20 officer of Pakistan Audit and Accounts Service (PAAS) or equivalent
163. Question 163 of 200

     Under Regulation 7(1)(c), the PAO is responsible for assisting whom in financial matters related to specific bodies, policies, rules, and procedures?

     A The chief internal auditor exclusively B The Auditor-General of Pakistan directly C The chief finance and accounts officer D The Public Procurement Regulatory Authority
164. Question 164 of 200

     Under Regulation 14(c), from which expenditure heads must the PAO exercise particular due diligence when re-appropriating budget, to avoid creating future liabilities?

     A Only advertising and publicity expenditure B Pay and allowances, pensions, utilities and rents C Only expenditure on foreign delegations D Only expenditure on office furniture
165. Question 165 of 200

     Under Regulation 32(5), in respect of investment, the CFAO is tasked with proactively identifying what, where applicable?

     A Only opportunities for personal investment by the CFAO himself B Foreign military procurement opportunities exclusively C Potential investment opportunities for departments/offices under the Secretary's administrative control D Real estate opportunities unrelated to government functions
166. Question 166 of 200

     Under Regulation 7(1)(u), which two types of meetings is the PAO responsible for attending and holding on a regular basis?

     A Meetings of the Public Accounts Committee (attending) and the Departmental Accounts Committee (holding) B Only meetings of the Federal Cabinet C Only meetings of foreign donor agencies D Only meetings of the Senate Standing Committee on Defence
167. Question 167 of 200

     Which of the following best describes how Regulation 30's description of the CFAO 'assisting and supporting' the PAO relates to Regulation 3's characterization of the PAO as 'custodian and operator' of financial resources?

     A The CFAO, not the PAO, is actually the true custodian and operator of financial resources, despite Regulation 3's wording B The PAO retains the substantive custodial/operational authority and responsibility over financial resources, while the CFAO serves in a supporting, advisory, and coordinating capacity to help the PAO effectively discharge that core responsibility C These two regulations directly contradict each other with no way to reconcile their language D Regulation 30 entirely supersedes and replaces Regulation 3's characterization of the PAO's role
168. Question 168 of 200

     Under Regulation 7(3), officers exercising financial powers delegated by the Secretary (e.g., heads of department) must submit reports to whom, and how often?

     A Only an annual report directly to the Finance Secretary B Only a one-time report at the start of the fiscal year C Quarterly and annual reports to the Secretary of the administrative Division (PAO), through the chief finance and accounts officer D Monthly reports directly to the Auditor-General only
169. Question 169 of 200

     Under Regulation 32(12), in respect of internal controls, the CFAO extends assistance to the chief internal auditor for reviewing internal control in which specific areas?

     A Only areas relating to foreign travel logistics B Only areas relating to office building maintenance C Only areas relating to employee recreational activities D Budget, revenue, expenditure and finance
170. Question 170 of 200

     Under Regulation 18, prior consultation with the Finance Division is required when initiating legislative proposals having financial implications relating to what matters?

     A Establishment of funds, revenue, cess, levy, fee, deductions, remissions and agreements B Only matters relating to criminal law reform C Only matters relating to family law reform D Only matters relating to environmental protection standards
171. Question 171 of 200

     Under Regulation 7(1)(f), budgetary proposals prepared by the PAO must be prepared within what constraint?

     A The indicative budget ceilings agreed by the Finance Division B No constraint whatsoever, allowing unlimited proposals C Ceilings set unilaterally by the PAO himself D Ceilings set by the National Assembly Speaker
172. Question 172 of 200

     Under Regulation 12 ('Allowances not to be a source of profit'), what principle governs allowances like travelling allowance?

     A They shall be so regulated that they are not, on the whole, a source of profit to the recipient B They should always exceed actual expenditure to reward diligent officers C They may be freely used for any personal purpose unrelated to the allowance's stated aim D They are entirely at the discretion of the recipient with no regulation
173. Question 173 of 200

     Which of the following best describes why Regulation 6's accountability provision specifically names 'Parliament' and its 'relevant Committees' rather than simply the executive government?

     A It means the executive government has no role whatsoever in overseeing PAO performance B It reflects the constitutional principle that public expenditure, ultimately authorized by Parliament through the budget process, must also be answerable to Parliament for its regularity and propriety, not merely to executive superiors C Parliament's role under this regulation is purely ceremonial with no substantive oversight function D This provision was later removed and no longer applies
174. Question 174 of 200

     Under Regulation 24(1)(a)-(d), which of the following is NOT explicitly listed as a reporting area for the SOE monitoring unit?

     A The overall performance of state-owned enterprises B The personal salaries of SOE board members C Performance against primary objectives, business goals, and targets D Investment in, loans to, and government guarantees for SOEs
175. Question 175 of 200

     Under Regulation 7(2), an officer designated as PAO (other than the Secretary of a Division) must submit reports about exercise of financial powers to whom?

     A Directly to the Prime Minister with no intermediary B The Secretary of the administrative Division, through the chief finance and accounts officer C Directly to the National Assembly floor D Directly to the Auditor-General, bypassing the administrative Secretary
176. Question 176 of 200

     Under Regulation 34, besides the System of Financial Control and Budgeting, 2000, what else is repealed 'to the extent of any repugnancy'?

     A All Acts of Parliament passed before 2019 B Any other regulations, instructions or practice inconsistent with these regulations C The entire Constitution of Pakistan D All provincial financial rules across all four provinces
177. Question 177 of 200

     Which regulation addresses 'Inclusion of budget estimates in annual budget statement'?

     A Regulation 19 B Regulation 21 C Regulation 15 D Regulation 20
178. Question 178 of 200

     Which of the following best describes the general purpose of the Schedule attached to the FM&PPAO Regulations, 2021?

     A To specify, in tabular form, the extent of financial powers delegated to principal accounting officers and subordinate officers for various categories of expenditure and administrative action B To list the names of all serving Federal Secretaries C To provide a glossary of foreign languages used in government correspondence D To set out the national holiday calendar for government offices
179. Question 179 of 200

     Under Regulation 33(2)(d), the chief internal auditor functionally reports to whom for administrative matters, while maintaining independence for audit findings?

     A The Prime Minister directly, with no role for the PAO at all B A foreign audit oversight body C The principal accounting officer administratively, while functionally independent on audit matters and reporting to the audit committee D No one; the position operates with complete isolation from all other officers
180. Question 180 of 200

     Which regulation number addresses the Finance Division's 'Role... with regard to state-owned-enterprises'?

     A Regulation 15 B Regulation 29 C Regulation 24 D Regulation 9
181. Question 181 of 200

     Under Regulation 7(1)(j), the PAO is responsible for the timely realisation of what, particularly with respect to non-tax revenue?

     A Only revenue collected by the Federal Board of Revenue B Only revenue collected from foreign donors C Budgeted revenue collection pertaining to the concerned Ministry, Division, or department D Only revenue collected via provincial governments
182. Question 182 of 200

     Under Regulation 32(6), in respect of development planning, the CFAO engages with which body regarding the development budget or PSDP?

     A The Auditor-General of Pakistan exclusively B The State Bank of Pakistan C The Election Commission of Pakistan D The Planning and Development Division or Planning Commission
183. Question 183 of 200

     Under Regulation 7(1)(o), the PAO is responsible for the safe custody of assets, including maintenance of what specific records?

     A Only cash-flow statements, with no asset-specific records required B Only payroll records C Only records related to foreign exchange transactions D Asset and inventory registers
184. Question 184 of 200

     Which of the following best explains why Regulation 8(f) formally recognizes the CFAO's assisting role to the PAO, even though Regulations 30-32 separately elaborate the CFAO's detailed functions?

     A Regulations 8 and 30-32 are entirely contradictory and cannot both be valid simultaneously B Regulation 8(f) was a drafting error that was never intended to be included C Regulation 8 establishes the foundational principle within the delegation-of-powers section, while Regulations 30-32 provide the detailed operational elaboration of that same relationship later in the document D The CFAO role described in Regulation 8(f) is unrelated to the CFAO role described in Regulations 30-32
185. Question 185 of 200

     Under Regulation 8(c), heads of departments and heads of autonomous bodies shall be responsible for financial propriety and accountability to what extent?

     A To the extent of the financial powers delegated to them B To an unlimited extent regardless of any delegation limits C To no extent whatsoever, since only the PAO bears responsibility D Only to the extent specified by a foreign auditor
186. Question 186 of 200

     Under Regulation 3, what is the principal accounting officer described as being, with respect to financial resources under his administrative control?

     A Sole legal owner of the financial resources B A ceremonial figurehead with no financial responsibility C Custodian and operator of the financial resources D An auditor of the financial resources only
187. Question 187 of 200

     Under Regulation 14(h), the PAO must abide by instructions and guidelines issued by which body regarding development projects or schemes under the Act?

     A The Auditor-General of Pakistan B The Planning Commission C The Establishment Division D The State Bank of Pakistan
188. Question 188 of 200

     Under Regulation 29, the Finance Division provides opinion on financial matters related to development projects and schemes in light of what framework?

     A Only the previous year's inflation rate, in isolation B The medium term macroeconomic and fiscal frameworks C Only the exchange rate against the US Dollar D No framework at all; opinions are given arbitrarily
189. Question 189 of 200

     Under Regulation 33(1), the internal audit function shall be headed by an officer designated as what?

     A Chief finance and accounts officer B Assistant Auditor-General C Chief internal auditor D Deputy Controller General of Accounts
190. Question 190 of 200

     Which regulation of the FM&PPAO Regulations, 2021 is titled 'Chief internal auditor'?

     A Regulation 33 B Regulation 30 C Regulation 32 D Regulation 7
191. Question 191 of 200

     Under Regulation 32(11), in respect of internal audit, the CFAO cooperates with the chief internal auditor and audit committee in preparing what?

     A The national defence budget B The foreign trade policy statement C The annual internal audit plan D The national census questionnaire
192. Question 192 of 200

     Which system of financial control did the FM&PPAO Regulations, 2021 replace upon their notification?

     A The Public Finance Management Act, 2019 B The Rules of Business, 1973 C The System of Financial Control and Budgeting, 2000 (as amended from time to time) D The Civil Servants Act, 1973
193. Question 193 of 200

     Which regulation addresses 'Inclusion of surrendered funds in the next year's budget'?

     A Regulation 22 B Regulation 23 C Regulation 24 D Regulation 25
194. Question 194 of 200

     Which regulation is titled 'Chief finance and accounts officer', establishing the CFAO's basic office and role?

     A Regulation 32 B Regulation 30 C Regulation 33 D Regulation 7
195. Question 195 of 200

     Under Regulation 32(10), in respect of budget execution/operations, the CFAO assists the PAO in processing matters including releases, re-appropriations, and what else?

     A Only matters relating to foreign diplomatic postings B Supplementary grants, technical supplementary grants, surrenders, adjustments, creation of posts, and appointment of contingent paid staff C Only matters relating to judicial case backlogs D Only matters relating to national census operations
196. Question 196 of 200

     Under Regulation 11 ('Public advantage'), what is prohibited regarding payment orders or expenditure sanctions?

     A Any expenditure sanction of any kind under any circumstances B Only expenditure sanctions exceeding Rs. 10 million C Only expenditure sanctions related to foreign exchange D Issuing any order/sanction that directly or indirectly benefits the issuer's own advantage or a selected person/community, unless by court order or approved government policy
197. Question 197 of 200

     Which regulation of the FM&PPAO Regulations, 2021 is titled 'Accountability'?

     A Regulation 3 B Regulation 6 C Regulation 4 D Regulation 8
198. Question 198 of 200

     Which of the following best explains the rationale for Regulation 4(2)'s proviso permitting a senior officer (rather than a constitutional office-holder) to serve as PAO where the head of an organization holds a constitutional position?

     A It means constitutional office-holders are entirely exempt from any financial oversight of their organization B It recognizes that constitutional office-holders may have functions and immunities incompatible with the detailed day-to-day financial accountability (including PAC appearances) expected of a PAO, warranting delegation of this specific role to another senior officer C It applies to every single Federal Government organization without exception D It was included purely as a drafting formality with no practical application
199. Question 199 of 200

     Under Regulation 4(1), what determines an official's eligibility as principal accounting officer if already designated under some other existing law?

     A Only the FM&PPAO Regulations' criteria apply, superseding any other law B No other law's provisions are relevant once these regulations were notified C The eligibility already prescribed under that other law for the time being in force applies D Only the Auditor-General's own internal criteria apply
200. Question 200 of 200

     Under Regulation 7(1)(p), how frequently must the PAO furnish a reconciled statement of revenue and expenditure to the Finance Division?

     A On a quarterly basis, through the chief finance and accounts officer B On a daily basis C Only once at the end of the fiscal year D Only when specifically requested by the Auditor-General

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