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. Sliding scale budget

C. Master budget

D. Fixed budget

Answer: Option B

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

Under 'Finance Lease', the lessee records the leased asset in his books as per:

A. AS 19

B. AS 10

C. AS 2

D. AS 6

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Correct Answer: Option A

Explanation:
AS 19 Leases requires lessee to capitalize finance lease.

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

Question #2

The 'Secretarial Audit' is mandated for:

A. All companies

B. Listed companies and certain prescribed class of companies

C. Small companies only

D. Private companies only

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Correct Answer: Option B

Explanation:
As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.

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

Question #3

A 'Rectifying Entry' is passed to:

A. Correct errors in accounts

B. Record opening entries

C. Close the books

D. Adjust depreciation

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Correct Answer: Option A

Explanation:
Rectifying entries correct errors found after posting.

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

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