The 'Outcome Budget' in India is a part of: MCQ with Answer and Explanation
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Question #1
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In government accounting, the 'Appropriation Audit' is conducted by:
Correct Answer: Option C
Explanation:
CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.
CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A Suspense Account is generally closed when:
Correct Answer: Option A
Explanation:
The Suspense Account exists only as a temporary fix. Once all one-sided errors are found and rectified, its balance becomes zero.
The Suspense Account exists only as a temporary fix. Once all one-sided errors are found and rectified, its balance becomes zero.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Quick Ratio' excludes inventory because:
Correct Answer: Option A
Explanation:
Quick ratio considers only quick assets (liquid), inventory is less liquid, so excluded.
Quick ratio considers only quick assets (liquid), inventory is less liquid, so excluded.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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