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

Question

Share Report Error

A 'Master Budget' is a summary of:

A. Only production budget

B. Only sales budget

C. Only cash budget

D. All functional budgets

Answer: Option D

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

A manager is entitled to a 5% commission on net profit BEFORE charging his commission. If profit is Rs 1,05,000, his commission is:

A. Rs 5,250

B. Rs 4,750

C. Rs 10,500

D. Rs 5,000

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Commission = Profit * (Rate/100) = 1,05,000 * 5% = Rs 5,250.

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

Question #2

Share Report

The 'Actuarial Gains and Losses' on defined benefit plans are recognised in:

A. Balance sheet

B. Profit or loss immediately

C. Other Comprehensive Income (OCI) and not reclassified to profit or loss

D. Deferred over period

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Ind AS 19 requires actuarial gains/losses to be recognised in OCI.

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

Question #3

Share Report

The system of accounting where revenue is recognized only when cash is received is:

A. Accrual basis

B. Cash basis

C. Mercantile system

D. Hybrid system

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Under the cash basis of accounting, transactions are recorded strictly upon the actual receipt or payment of cash.

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

Explore All Accountancy and Book Keeping MCQs