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. Both A and R are true and R is the correct explanation of A
B. A is false but R is true
C. Both A and R are true but R is NOT 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 However, no money can be withdrawn from it without the authorization of Parliament through an Appropriation Bill.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
If Cost of Goods Sold (COGS) is Rs 1,50,000 and Gross Profit is 20% on Sales, what is the Sales value?
A. Rs 2,00,000
B. Rs 1,80,000
C. Rs 1,87,500
D. Rs 1,75,000

Correct Answer: Option C


Explanation:
If GP is 20% on sales, COGS is 80% on sales. Sales = COGS / 80% = 1,50,000 / 0.8 = Rs 1,87,500.

Question #2
The use of artificial intelligence (AI) in accounting is currently transforming:
A. The legal definition of a company
B. Automated invoice processing and anomaly detection
C. The abolition of all taxes
D. The basic accounting equation

Correct Answer: Option B


Explanation:
AI automates routine tasks like data entry and enhances fraud detection by recognizing patterns (anomalies) faster than human auditors.

Question #3
Who is considered the father of the Double Entry System?
A. Adam Smith
B. Henry Fayol
C. F.W. Taylor
D. Luca Pacioli

Correct Answer: Option D


Explanation:
Luca Pacioli, an Italian mathematician, first documented the principles of the double-entry bookkeeping system in 1494.