A 'qualified audit report' means: MCQ with Answer and Explanation

Explanation:
ZBB requires managers to justify every item of expenditure from scratch. This is because it starts with a 'zero base' for each new period, rather than using the previous year's budget as a baseline. R correctly explains A.

Explanation:
From the bank's perspective, customer deposits are liabilities. A positive (favorable) balance is therefore a credit balance in the Pass Book.

Explanation:
Fiscal deficit = Total expenditure - (Revenue receipts + Non-debt capital receipts). It indicates borrowing requirement.