Knowledge Booster: AFA PYQS Edition (25 Sep 2026)
Welcome to today's AFA PYQS Knowledge Booster! We've handpicked 10 essential questions from our database to help you sharpen your skills. Dive in and test your knowledge!
Q1. Budget reviews conducted on railways are:
- A) (ii), (iii)
- B) only (ii)
- C) (i), (ii), (iii)
- D) only (iii)
Correct Answer: (ii), (iii)
Explanation: The primary budget reviews mentioned in the document are the Revised Estimate/Budget Estimate and the Final Modification[cite: 1593, 1596, 1597, 1603].
Q2. Which of the following statements are correct? The stock adjustment account is operated for recording differences arising out of
- A) Variation in stock (Stock Verification), Changes in Price of purchased/manufactured stock, Difference in book and actual scrap sale value, Rounding off
- B) only i and ii are correct
- C) only i, ii and iii are correct
- D) all are correct
Correct Answer: only i and iii are correct
Explanation: all are correct
Q3. In SOP, if there is no mention regarding finance concurrence, then it means
- A) Finance concurrence is not required
- B) Finance concurrence is required
- C) Executive can decide on Finance concurrence
- D) None of these
Correct Answer: Finance concurrence is required
Explanation: In the Schedule of Powers, silence regarding finance implies that the power must be exercised only with proper financial concurrence.
Q4. Financial appraisal of projects is worked out using
- A) DCF technique
- B) PERT
- C) Depreciation method
- D) None of these
Correct Answer: DCF technique
Explanation: Railways evaluate the long-term financial viability of projects using the Discounted Cash Flow (DCF) method[cite: 1983, 1985, 1990].
Q5. Error sheet prepared for
- A) Authorizing special credit
- B) Advising station to submit returns
- C) Advising station discrepancy in Closing Balance
- D) Communicating apparent financial loss noticed during internal check
Correct Answer: Communicating apparent financial loss noticed during internal check
Explanation: An error sheet is the formal mechanism to notify a station master of financial shortfalls discovered during an audit of station accounts[cite: 1750, 1755, 1757].
Q6. The upper age limit for claiming Children Education Allowance in case of Divyaang children is _ yrs.
- A) 20
- B) 22
- C) 25
- D) 30
Correct Answer: 22
Explanation: For children with disabilities, the eligibility for education allowance is extended to a maximum age of 22 years[cite: 1922, 1926, 1931].
Q7. Permission granted for limited use of Railway land is called
- A) Licensing of land
- B) Leasing of land
- C) Way leave facility
- D) None of the above
Correct Answer: Way leave facility
Explanation: Way leave facilities allow external entities (like utilities) to run pipes or cables across railway land without a full lease.
Q8. Incentive Bonus for supervisors is restricted to _ of the average percentage of profit earned by the direct workers under his control.
- A) 50%
- B) 60%
- C) 70%
- D) 80%
Correct Answer: 80%
Explanation: Supervisors are eligible for an incentive bonus that is capped at 80% of the average bonus earned by the workers they lead[cite: 2124, 2129, 2132].
Q9. Tenders received before the time of opening but after the due date and time are called as:
- A) Late Tenders
- B) Delayed Tenders
- C) Single Tender
- D) None of these
Correct Answer: Delayed Tenders
Explanation: A 'late' tender is received after the box is opened. A 'delayed' tender is received after the deadline but before the opening; these are usually rejected except in rare circumstances.
Q10. Primary Unit of allocation denotes
- A) Nature of expenditure
- B) Object of expenditure
- C) Authority who has incurred the expenditure
- D) None of these
Correct Answer: Object of expenditure
Explanation: In the Railway budget structure, the Primary Unit (PU) identifies the 'Object' of spending, such as salaries, fuel, or materials. [cite: 2587, 2594]
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