A 'Master Budget' is a summary of: MCQ with Answer and Explanation

Question
A 'Master Budget' is a summary of:
A. All functional budgets
B. Only cash budget
C. Only sales budget
D. Only production budget
Answer: Option A
Solution (By JKSSB Mock Tests)
Master budget consolidates all subsidiary budgets into one comprehensive plan.
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 'Financial Instruments' standard is:
A. Ind AS 2
B. Ind AS 109
C. Ind AS 115
D. Ind AS 16
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Correct Answer: Option B

Explanation:
Ind AS 109 covers classification, measurement, and impairment of financial instruments.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A Trial Balance will not disclose which error?
A. Compensating errors
B. Error of casting
C. Omission to post one side of an entry
D. Wrong totaling of subsidiary book
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Correct Answer: Option A

Explanation:
Compensating errors cancel each other's effect on trial balance totals, so the trial balance still agrees. Errors of casting, posting one side, wrong totaling will cause disagreement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The Central Board of Direct Taxes (CBDT) functions under which department of the Ministry of Finance?
A. Department of Financial Services
B. Department of Economic Affairs
C. Department of Expenditure
D. Department of Revenue
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Correct Answer: Option D

Explanation:
CBDT handles direct tax administration and forms part of the Department of Revenue.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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