A 'Master Budget' is a summary of: MCQ with Answer and Explanation

Question Report Error

A 'Master Budget' is a summary of:

A. Only production budget

B. All functional budgets

C. Only cash budget

D. Only sales budget

Answer: Option B

Solution (By JKExamLibrary)

Master budget consolidates all subsidiary budgets into one comprehensive plan.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

The 'Digital Rupee' (e₹) is issued by:

A. Reserve Bank of India

B. NPCI

C. Commercial banks

D. Government of India

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
CBDC (Central Bank Digital Currency) is issued by the RBI.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

Under single entry, closing capital is ₹2,00,000; opening capital ₹1,50,000; drawings ₹20,000; additional capital ₹10,000. Profit for the year is:

A. ₹70,000

B. ₹40,000

C. ₹50,000

D. ₹60,000

View Answer & Solution Discuss

Correct Answer: Option D

Explanation:
Profit = Closing capital + Drawings - Opening capital - Additional capital = 2,00,000 + 20,000 - 1,50,000 - 10,000 = ₹60,000.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3 Report Error

The 'Nil-Rated Supply' under GST means:

A. Goods with 0% GST and no ITC on inputs (exempt)

B. Goods with 0% GST but ITC available

C. Non-taxable supplies

D. Zero-rated supplies

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
Nil-rated supplies are taxed at 0% but no input tax credit is available. Exempt supplies also fall here. Zero-rated (export) allows ITC.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs