A: The Consolidated Fund of India includes all revenues received by the Government. R: The government can withdraw money from the Consolidated Fund without parliamentary approval. Choose the correct option. MCQ with Answer and Explanation

A: The Consolidated Fund of India includes all revenues received by the Government. R: The government can withdraw money from the Consolidated Fund without parliamentary approval. Choose the correct option.
A. A is false but R is true
B. Both A and R are true but R is NOT the correct explanation of A
C. Both A and R are true and R is the correct explanation of A
D. A is true but R is false
Answer: Option D
Solution (By JKSSB Mock Tests)
The Consolidated Fund of India includes all revenues, loans, and repayments. However, no money can be withdrawn from it without the authorization of Parliament through an Appropriation Bill. A is true, R is false.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Recoverable Amount' of a cash-generating unit (CGU) is:
A. Lower of cost and net realisable value
B. Current market price
C. Higher of fair value less costs of disposal and value in use
D. Replacement cost

Correct Answer: Option C


Explanation:
As per Ind AS 36, recoverable amount is the higher of FVLCD and VIU.

Question #2
Which of the following is a 'Money Bill' in India?
A. Finance Bill dealing with taxes
B. Bill on education
C. Bill on labor reforms
D. Bill for amendment of Companies Act

Correct Answer: Option A


Explanation:
Finance Bill is a Money Bill as it deals with taxation and government expenditure.

Question #3
Which transaction will increase an asset and decrease another asset, keeping the accounting equation unchanged?
A. Goods purchased on credit
B. Introduction of capital
C. Payment to a creditor
D. Purchase of machinery for cash

Correct Answer: Option D


Explanation:
Purchasing machinery for cash increases the Machinery asset and decreases the Cash asset by the same amount.