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General Financial Rules 2017 Quiz | General Financial Rules 2017 Objective Type Questions and Answers

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Free download in PDF General Financial Rules 2017 Objective Type Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams. These short solved questions or quizzes are provided by Gkseries.
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(21) Losses not due to depreciation shall be grouped under the following heads

(i) losses due to theft or fraud

(ii) losses due to neglect

(iii) anticipated losses on account of obsolescence of stores or of purchases in excess of requirements

(iv) losses due to damage

[A] i, ii and iii
[B] i, iii and iv
[C] ii, iii and iv
[D] All of the above
Answer: All of the above
(22) Losses due to depreciation shall be analysed, and recorded under following heads except
[A] losses due to extra ordinary situations under ‘Force Majeure’ conditions like fire, flood, enemy action, etc.
[B] negligence after purchase.
[C] lack of foresight in regulating purchases
[D] normal fluctuation of market prices
Answer: losses due to extra ordinary situations under ‘Force Majeure’ conditions like fire, flood, enemy action, etc.

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(23) Powers to write off of losses are available under the
[A] GFR 2017
[B] Delegation of Financial Powers Rules.
[C] R&P 1983
[D] GAR 1990
Answer: Delegation of Financial Powers Rules.
(24) A sale account should be prepared for goods disposed of in Form GFR 11 duly signed by the
[A] Accounts Officer
[B] Head of Department
[C] officer who supervised the sale or auction
[D] Head of the Finance division
Answer: officer who supervised the sale or auction
(25) If a Ministry or Department is unable to sell any surplus or obsolete or unserviceable item in spite if its attempts through advertised tender or auction, it may dispose of the same at its scrap value with the approval of the competent authority in consultation with
[A] Legal Division
[B] Accounts Officer
[C] Finance division
[D] HoD
Answer: Finance division
(26) If a bid is accepted during the process of auctioning the disposal, earnest money should immediately be taken on the spot from the successful bidder. The amount of the earnest money should be
[A] not less than 25%
[B] not less than 30%
[C] not less than 20%
[D] not less than 10%
Answer: not less than 25%
(27) Pick the correct one

i. Surplus or obsolete or unserviceable goods of assessed residual value above Rupees 2,00,000 should be disposed of by either obtaining bids through advertised tender or public auction.

ii. For surplus or obsolete or unserviceable goods with residual value less than Rupees 200000, the mode of disposal will be determined by the competent authority

iii. Certain surplus or obsolete or unserviceable goods such as expired medicines, food grain, ammunition etc., which are hazardous or unfit for human consumption, should be disposed of or destroyed immediately by adopting suitable mode so as to avoid any health hazard and/or environmental pollution and also the possibility of misuse of such goods.

iv. Surplus or obsolete or unserviceable goods, equipment and documents, which involve security concerns (e.g. currency, negotiable instruments, receipt books, stamps, security press etc.) should be disposed of/ destroyed in an appropriate manner to ensure compliance with rules relating to official secrets as well as financial prudence.

[A] i, ii and iii
[B] ii, iii and iv
[C] i, iii and iv
[D] All of the above
Answer: All of the above
(28) A report of stores for disposal shall be prepared in Form
[A] GFR 16
[B] GFR 10
[C] GFR 11
[D] GFR 14
Answer: GFR 10
(29) Pick the incorrect one
[A] Sample physical verification at intervals of not more than five years should be done in case of libraries having more than 50000 volumes. In case such verification reveals unusual or unreasonable shortages, complete verification shall be done.
[B] Loss of five volumes per 1000 volumes of books issued/consulted in a year may be taken as reasonable provided such losses are not attributable to dishonesty or negligence. However, loss of a book of a value exceeding Rs. 1,000/- (Rupees One thousand only) and rare books irrespective of value shall invariably be investigated and appropriate action taken.
[C] For libraries having more than 20000 volumes and up to 50000 volumes, such verification should be done at least once in three years.
[D] Complete physical verification of books should be done every year in case of libraries having not more than 20000 volumes.
Answer: Sample physical verification at intervals of not more than five years should be done in case of libraries having more than 50000 volumes. In case such verification reveals unusual or unreasonable shortages, complete verification shall be done.
(30) A material shall generally be considered surplus if it remains in stock for over______ unless adequate reasons to treat it otherwise exist
[A] four years
[B] a year
[C] three years
[D] two years
Answer: a year
31 A physical verification of all the consumable goods and materials should be undertaken at least once in
[A] a year
[B] a two year
[C] a six-month
[D] a month
Answer: a year
32 Fixed assets should be verified at least once in
[A] a year
[B] a three year
[C] a two year
[D] a six-month
Answer: a year
33 Calculation of the charges to be recovered from the local bodies, contractors and others for hiring out the fixed assets should be based on the
[A] Historical cost
[B] Market Rate
[C] Schedule of Rate
[D] Issue Rate
Answer: Historical cost
34 Pick the incorrectly matched
[A] Library books - GFR 24
[B] Assets of historical/artistic value held by museum /government - GFR 24
[C] Consumables such as office stationery, chemicals, maintenance spare parts etc - GFR 23
[D] Fixed Assets such as plant, machinery, equipment, furniture, fixtures etc. - GFR 22
Answer: Library books - GFR 24
35 Who should certify that he has actually received the material and recorded it in the appropriate stock registers?
[A] The officer-in-charge of stores
[B] The head of office
[C] The cashier
[D] The Store-keeper
Answer: The officer-in-charge of stores
36 All loss of immovable property, such as buildings, communications, or other works, caused by fire, flood, cyclone, earthquake or any other natural cause, shall be reported at once by the subordinate authority concerned to Government through the usual channel incase loss exceeds
[A] 50000/-
[B] 150000/-
[C] 100000/-
[D] 25000/-
Answer: 50000/-
37 Cases involving material loss or destruction of Government property as a result of fire, theft, fraud, etc., shall be invariably reported to the Police for investigation as early as possible where value of loss exceeds
[A] 50000/-
[B] 100000/-
[C] 10000/-
[D] 25000/-
Answer: 50000/-
38 All cases involving loss of Government money arising from erroneous or irregular issue of cheques or irregular accounting of receipts will be reported to the
[A] Controller General of Accounts
[B] Audit/Account Officer
[C] Comptroller & Auditor General
[D] Chief Controller of Accounts
Answer: Controller General of Accounts
39 If any recoveries are made from the erring Government officials in cash, the receipt will be credited to the that borne/sustained the loss i.e.
[A] Central Government Department or State Government concerned with the transaction.
[B] HoD concerned
[C] Section-in-charge of Government Servant concerned
[D] Government Servant concerned
Answer: Central Government Department or State Government concerned with the transaction.
40 In cases of loss to Government on account of culpability of Government servants, the loss should be borne by the
[A] Central Government Department or State Government concerned with the transaction.
[B] HoD concerned
[C] Section-in-charge of Government Servant concerned
[D] Government Servant concerned
Answer: Central Government Department or State Government concerned with the transaction.

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