📘 Railway Financial Code (RFC) Vol–I – 100 MCQs
(Covers principles of financial propriety, budgeting, expenditure control, powers, etc.)
-
The basic principle of financial propriety states that:
A. Spend freely
B. Exercise same care as a prudent person
C. Spend only on capital
D. Avoid expenditure
Answer: B -
No authority should sanction expenditure which is:
A. Necessary
B. Excessive
C. Reasonable
D. Budgeted
Answer: B -
Public money should not be utilized for:
A. Public purpose
B. Private benefit
C. Development
D. Maintenance
Answer: B -
Financial propriety ensures:
A. Profit
B. Economy & efficiency
C. Revenue
D. Tax
Answer: B -
Expenditure should not be prima facie more than:
A. Occasion demands
B. Budget
C. Profit
D. Cost
Answer: A -
Financial powers are delegated to:
A. Officers
B. Public
C. Vendors
D. Contractors
Answer: A -
Sanction of expenditure means:
A. Approval
B. Payment
C. Audit
D. Recording
Answer: A -
Budget is:
A. Actual account
B. Estimated income & expenditure
C. Ledger
D. Audit
Answer: B -
Railway budget is part of:
A. General budget
B. Separate budget
C. State budget
D. None
Answer: A -
Revenue expenditure relates to:
A. Asset creation
B. Day-to-day operations
C. Capital works
D. Investment
Answer: B
-
Capital expenditure results in:
A. Revenue loss
B. Asset creation
C. Expense
D. Liability
Answer: B -
Revised estimate is prepared to:
A. Replace actual
B. Update budget
C. Audit
D. Record
Answer: B -
Budget grant means:
A. Allocation of funds
B. Expense
C. Audit
D. Revenue
Answer: A -
Re-appropriation means:
A. Transfer of funds
B. Payment
C. Audit
D. Booking
Answer: A -
Excess over grant requires:
A. Approval
B. Ignoring
C. Audit only
D. None
Answer: A -
New service requires:
A. Approval of competent authority
B. No approval
C. Audit only
D. None
Answer: A -
Charged expenditure is:
A. Voted
B. Non-voted
C. Optional
D. None
Answer: B -
Voted expenditure requires:
A. Parliament approval
B. Audit
C. Officer approval
D. None
Answer: A -
Budget control ensures:
A. Overspending
B. Financial discipline
C. Loss
D. None
Answer: B -
Savings in budget can be:
A. Ignored
B. Re-appropriated
C. Deleted
D. None
Answer: B
-
Financial advice is given by:
A. Accounts department
B. Engineering
C. Stores
D. Traffic
Answer: A -
Accounts officer acts as:
A. Advisor
B. Auditor
C. Both
D. None
Answer: C -
Internal check ensures:
A. Fraud
B. Accuracy
C. Delay
D. None
Answer: B -
Audit ensures:
A. Compliance
B. Profit
C. Loss
D. None
Answer: A -
Sanction must be:
A. Written
B. Oral
C. Optional
D. None
Answer: A -
Delegation of power improves:
A. Efficiency
B. Delay
C. Cost
D. None
Answer: A -
Budget is tool of:
A. Planning
B. Control
C. Both
D. None
Answer: C -
Railway finance follows:
A. Parliamentary control
B. Private control
C. State control
D. None
Answer: A -
Financial control ensures:
A. Economy
B. Efficiency
C. Effectiveness
D. All
Answer: D -
Expenditure should be:
A. Necessary
B. Economical
C. Sanctioned
D. All
Answer: D -
Financial propriety prevents:
A. Waste
B. Fraud
C. Misuse
D. All
Answer: D -
Railway Accounts ensures:
A. Control
B. Accuracy
C. Compliance
D. All
Answer: D -
Budget execution requires:
A. Monitoring
B. Control
C. Review
D. All
Answer: D -
Excess expenditure is:
A. Allowed
B. Irregular
C. Profit
D. None
Answer: B -
Financial sanction ensures:
A. Legality
B. Authority
C. Control
D. All
Answer: D -
Railway expenditure is governed by:
A. RFC
B. Constitution
C. Rules
D. All
Answer: D -
Accounts department checks:
A. Sanction
B. Availability of funds
C. Classification
D. All
Answer: D -
Budget is prepared annually for:
A. Planning
B. Control
C. Monitoring
D. All
Answer: D -
Financial rules ensure:
A. Discipline
B. Control
C. Transparency
D. All
Answer: D -
Railway finance is subject to:
A. Audit
B. Control
C. Rules
D. All
Answer: D -
Internal audit ensures:
A. Compliance
B. Control
C. Accuracy
D. All
Answer: D -
Financial propriety requires:
A. Prudence
B. Economy
C. Efficiency
D. All
Answer: D -
Sanction is necessary for:
A. Expenditure
B. Revenue
C. Audit
D. None
Answer: A -
Budget is revised to:
A. Reflect changes
B. Audit
C. Control
D. None
Answer: A -
Financial rules apply to:
A. All departments
B. Accounts only
C. Audit only
D. None
Answer: A -
Railway funds must be used for:
A. Public purpose
B. Private benefit
C. Profit
D. None
Answer: A -
Accounts officer ensures:
A. Financial discipline
B. Control
C. Advice
D. All
Answer: D -
Financial control is essential for:
A. Efficiency
B. Economy
C. Effectiveness
D. All
Answer: D -
Budgeting is part of:
A. Financial management
B. Audit
C. Ledger
D. None
Answer: A -
Financial propriety is based on:
A. Prudence
B. Logic
C. Rules
D. All
Answer: D -
Railway finance ensures:
A. Accountability
B. Transparency
C. Control
D. All
Answer: D -
Budget grant limits:
A. Expenditure
B. Income
C. Audit
D. None
Answer: A -
Financial authority is:
A. Delegated
B. Fixed
C. Random
D. None
Answer: A -
Audit checks:
A. Legality
B. Accuracy
C. Compliance
D. All
Answer: D -
Financial control avoids:
A. Waste
B. Fraud
C. Misuse
D. All
Answer: D -
Railway accounts follow:
A. Rules
B. Codes
C. Instructions
D. All
Answer: D -
Budget is approved by:
A. Parliament
B. Railway Board
C. Ministry
D. None
Answer: A -
Financial propriety ensures:
A. Public trust
B. Control
C. Efficiency
D. All
Answer: D -
Railway expenditure must be:
A. Sanctioned
B. Budgeted
C. Necessary
D. All
Answer: D -
RFC Vol-I deals mainly with:
A. Financial principles
B. Stores
C. Audit
D. Cash
Answer: A
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