A flexible budget is designed to change in relation to: MCQ with Answer and Explanation

Question
A flexible budget is designed to change in relation to:
A. Management decision
B. Fixed expenses
C. Level of activity
D. Time period
Answer: Option C
Solution (By JKSSB Mock Tests)
Flexible budget adjusts budgeted figures based on actual level of activity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'GST' on sale of used cars by a registered person is:
A. Nil
B. Exempt
C. 5% on margin
D. Taxable at 18% on margin (if no ITC taken) or on value
Discuss
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Correct Answer: Option D

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 #2
A 'Partner by Holding Out' is:
A. A minor admitted to benefits
B. A deceased partner's legal heir
C. A person who represents himself as a partner but is not
D. A retired partner
Discuss
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Correct Answer: Option C

Explanation:
A person who by his conduct or words allows others to believe he is a partner may be held liable as partner by estoppel or holding out.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Cash Generating Unit' is defined under:
A. AS 2 Inventories
B. AS 28 Impairment of Assets
C. AS 14 Amalgamation
D. AS 10 Fixed Assets
Discuss
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Correct Answer: Option B

Explanation:
CGU is a concept used in impairment testing under AS 28.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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