In budgetary control, a 'master budget' is: MCQ with Answer and Explanation

Question Report Error

In budgetary control, a 'master budget' is:

A. Cash budget only

B. Capital expenditure budget

C. Only sales budget

D. A summary of all functional budgets

Answer: Option D

Solution (By JKExamLibrary)

Master budget consolidates all subsidiary budgets (sales, production, cash, etc.) into a comprehensive overall budget.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

Which of the following is a 'Voucher' in a manual accounting system?

A. Both B and C

B. A documentary evidence of a transaction

C. A cash memo

D. A printed receipt

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Correct Answer: Option A

Explanation:
Voucher includes any documentary evidence like cash memo, invoice, receipt.

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

Question #2 Report Error

The 'Sabka Vishwas' scheme was related to:

A. Income tax

B. GST only

C. Customs only

D. Indirect tax legacy disputes

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Correct Answer: Option D

Explanation:
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 covered service tax and excise disputes.

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

Question #3 Report Error

A specific tax levied for a particular purpose on top of the basic tax rate is known as:

A. Cess

B. Surcharge

C. Tariff

D. Excise

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
A cess (e.g., Health and Education Cess) is levied for a specific purpose and the revenue must be utilized for that objective only.

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

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