General Financial Rules 2017 - Chapter 7: Inventory

  1. Who should certify that he has actually received the material and recorded it in the appropriate stock registers?
    1. The Store-keeper
    2. The cashier
    3. The officer-in-charge of stores
    4. The head of office
  2. Pick the incorrectly matched
    1. Fixed Assets such as plant, machinery, equipment, furniture, fixtures etc. - GFR 22
    2. Consumables such as office stationery, chemicals, maintenance spare parts etc - GFR 23
    3. Library books - GFR 24
    4. Assets of historical/artistic value held by museum /government - GFR 24
  3. 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
    1. Issue Rate
    2. Schedule of Rate
    3. Market Rate
    4. Historical cost.
  4. Fixed assets should be verified at least once in
    1. a six-month
    2. a year
    3. a two year
    4. a three year
  5. A physical verification of all the consumable goods and materials should be undertaken at least once in
    1. a month
    2. a six-month
    3. a year
    4. a two year
  6. A material shall generally be considered surplus if it remains in stock for over______ unless adequate reasons to treat it otherwise exist
    1. a year
    2. two years
    3. three years
    4. four years
  7. Pick the incorrect one
    1. Complete physical verification of books should be done every year in case of libraries having not more than 20000 volumes.
    2. For libraries having more than 20000 volumes and up to 50000 volumes, such verification should be done at least once in three years.
    3. 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.
    4. 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.
  8. A report of stores for disposal shall be prepared in Form
    1. GFR 10
    2. GFR 11
    3. GFR 14
    4. GFR 16
  9. Pick the correct one
  10. 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.
    1. i, ii and iii
    2. ii, iii and iv
    3. i, iii and iv
    4. All of the above.
  11. 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
    1. not less than 10%
    2. not less than 20%
    3. not less than 25%
    4. not less than 30%
  12. 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
    1. HoD
    2. Finance division
    3. Accounts Officer
    4. Legal Division
  13. A sale account should be prepared for goods disposed of in Form GFR 11 duly signed by the
    1. officer who supervised the sale or auction
    2. Head of Department
    3. Head of the Finance division
    4. Accounts Officer
  14. Powers to write off of losses are available under the
    1. R&P 1983
    2. GAR 1990
    3. GFR 2017
    4. Delegation of Financial Powers Rules.
  15. Losses due to depreciation shall be analysed, and recorded under following heads except
    1. normal fluctuation of market prices
    2. losses due to extra ordinary situations under ‘Force Majeure’ conditions like fire, flood, enemy action, etc.
    3. lack of foresight in regulating purchases
    4. negligence after purchase.
  16. Losses not due to depreciation shall be grouped under the following heads
  17. (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
    1. i, ii and iii
    2. i, iii and iv
    3. ii, iii and iv
    4. All of the above


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