The 'Guillotine' in budget process refers to: MCQ with Answer and Explanation
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Question #1
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The term 'Secret Reserves' are created by:
Correct Answer: Option C
Explanation:
Secret reserves are created by undervaluing assets or overvaluing liabilities, which reduces reported profits and hides the true financial position.
Secret reserves are created by undervaluing assets or overvaluing liabilities, which reduces reported profits and hides the true financial position.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which income is classified under 'Income from Other Sources'?
Correct Answer: Option B
Explanation:
Incomes that do not fall into the first four specific heads (like dividends, lottery winnings, bank interest) are taxed as Income from Other Sources.
Incomes that do not fall into the first four specific heads (like dividends, lottery winnings, bank interest) are taxed as Income from Other Sources.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Charged Expenditure' on the Consolidated Fund includes:
Correct Answer: Option C
Explanation:
Charged expenditure includes emoluments of President, Judges, CAG, etc., which are non-votable.
Charged expenditure includes emoluments of President, Judges, CAG, etc., which are non-votable.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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