A 'Flexible Budget' is also known as: MCQ with Answer and Explanation

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A 'Flexible Budget' is also known as:

A. Cash budget

B. Fixed budget

C. Sliding scale budget

D. Master budget

Answer: Option C

Solution (By JKSSB Mock Tests)

Flexible budget changes with activity levels, hence also called variable or sliding scale 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

The minimum subscription in a public issue should be at least:

A. 100%

B. 75% of issued capital

C. 50% of issued capital

D. 90% of issued capital

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Correct Answer: Option D

Explanation:
As per SEBI, minimum subscription is 90% of the issue size for public offers.

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

Question #2

The 'GST' on sale of used cars by a registered person is:

A. Taxable at 18% on margin (if no ITC taken) or on value

B. Nil

C. Exempt

D. 5% on margin

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Correct Answer: Option A

Explanation:
GST on sale of used vehicles by registered persons is 18% on margin (difference between purchase and selling price) if no ITC taken; otherwise on value.

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

Question #3

S1: The Profit and Loss Appropriation Account is prepared by a company. S2: The Profit and Loss Appropriation Account is prepared by a partnership firm. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. S2 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
A company does not prepare a Profit and Loss Appropriation Account; it transfers profits to reserves and dividends via the Statement of Changes in Equity. Only a partnership firm prepares this account to distribute profits among partners. S1 is incorrect, S2 is correct.

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