Budgetary control is a system of controlling costs that includes: MCQ with Answer and Explanation

Question
Budgetary control is a system of controlling costs that includes:
A. Fixing of selling prices
B. Hiring of staff
C. Continuous comparison of actuals with budgets
D. Preparation of budgets only
Answer: Option C
Solution (By JKSSB Mock Tests)
Budgetary control involves preparing budgets and continuously comparing actual performance against the budget to take corrective action.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In the Indian Financial Management System, the Consolidated Fund of India is operated by:
A. The Finance Minister
B. The President of India
C. The RBI Governor
D. The Prime Minister
Discuss
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Correct Answer: Option B

Explanation:
All revenues received by the Government of India and all loans raised are credited to the Consolidated Fund, which is operated by the President.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not a function of ICAI?
A. Collecting taxes
B. Regulating the profession of chartered accountants
C. Issuing accounting standards
D. Conducting CA examinations
Discuss
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Correct Answer: Option A

Explanation:
ICAI is a professional body, not a tax collection agency.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Pay-in-slip' is a source document used for:
A. Depositing cash or cheques into the bank
B. Recording petty cash expenses
C. Withdrawing cash from the bank
D. Paying wages to employees
Discuss
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Correct Answer: Option A

Explanation:
A pay-in-slip is filled out by a customer when depositing money or cheques into their bank account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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