Finance

GOAL Field Finance Quiz

Test your knowledge about the financial policies and practices of GOAL, an international NGO! This quiz covers essential points from the GOAL Field Finance Manual and is perfect for anyone involved in NGO financial management.

Participate to:

Enhance your understanding of finance in the NGO sector
Assess your knowledge of GOAL's financial guidelines
Prepare for potential roles within international NGOs

15 Questions4 MinutesCreated by AssessingFinance202

2. As an International NGO, GOAL generally follows one the following basic accounting basis in recognizing income and expenditures

Accrual basis

Cash basis

Modified accrual basis

Modified cash basis

5. The financial year for GOAL is a twelve month period starting …………….. And ending …………..

July –Jun

Jan- Dec

Oct – September

April- March

6. In order for GOAL HQ to meet its overall reporting schedule it is important for Field Offices to complete and submit Management accounts in time. What is the timeline for completing and submitting Management accounts by field Offices?

Work day 5

Work day 9

Work day 15

Work day 20

7. While handling Donor funding, it is important to note that each donor has their own specific guidelines on rules and formats for proposals, reports and allowable costs. Which of these Donors are currently not funding the programs of GOAL Uganda?

8. Which of these below is not a Weekly Financial management Processes?

Field Cashbook and Cash-Count Submission

Departmental Meetings

Country Funds Report

Contract Management Database Review

9. Following completion of month-end accounts, the individual budget monitoring tools (BMT’s) for grants are updated by finance. Which of the followings BMT responsibilities lies with the Budget Holders?

Extract expenditure information from GOAL reporting module

Extract transaction listing from GOAL reporting module

Update The exchange rate for forecasts is updated to the most recent exchange rate

Send the updated BMT with detailed comments on all expenditure lines and forecasts for the remaining period completed

10. A system of internal control consists of all measures used by an organization to safeguard its resources and ensure accuracy, efficiency and reliability in accounting and operating information. An effective control system ensures that procedures are in place that meets the following objectives except?

Adequately safeguard the cash, property and other assets of the country office.

Ensure that all financial transactions are appropriately documented and approved by authorized staff.

Management gets time to focus on bigger things as a strong internal control system is in itself self-sufficient.

Funds are expended in accordance with donor requirements and limits

11. Non-compliance with local laws and regulations is a risk to GOAL Country Programmes. The followings are common areas of legislation which may have a financial impact on GOAL except.

The Land tenure and ownership act

Employment/NSSF and income tax legislation

Withholding Taxes, Customs and Excise duty requirements

VAT / Graduated and LST requirements

12. In order to minimise potential fraud, error and other irregularities it is essential that different tasks in financial processes are divided up to the extent possible and assigned to different staff members. Which of these is not necessarily a correct pair of statement on segregation of duty?

Custody of assets must be separated from the responsibility for recording of these assets.

Authorization of payments must be separated from reviews of the transactions.

Authorisation of transactions must be separated from the custody of related assets

Authorisation of transactions must be separated from the recording of the transactions

13. For security purposes, cash balances should be kept to a minimum in all GOAL locations. To the extent possible, payments should be made by cheque or bank transfer. Which of these statement is not correct in respect to Cash Management policy in the Fiance manual?

The recommended maximum balance is €5,000

Supplier Payments – cash payments should be limited to a maximum of €350 in all locations

Cashbox Balance – a maximum amount of €1000 cash or cash equivalent’s can be held in the cashbox during the day while payments are being issued.

Inter-site transfers – cash transfers from one field location to another should be limited to a maximum of €5,000

14. The definition of Floats covers cash advances for distributions in (meetings, trainings, incentives etc) and also per diems and relevant staff travel expenses. The following procedures and controls are required and are compulsory where payments are issued using a float except

Floats should be requested using the Payment Request Form

Float requests should be approved in accordance to the country float authorization chart ( (ie. < Euros 200 Field, >200<500 HO, >500 HQ)

No staff member is permitted to hold more than one float or exceeding I month at any time

Floats may not be transferred from one member of staff to another under any circumstances.

15. All accounting transactions related to cash require a minimum level of external documentation. The following supporting documentation is required to record and / or approve cash transactions except.

Payment Request Forms

Cash / safe control sheet

Safe Register

All of the above

Finance

GOAL Field Finance Quiz

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