In a flexible budget, the budgeted cost for a given level of activity is based on: MCQ with Answer and Explanation

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In a flexible budget, the budgeted cost for a given level of activity is based on:

A. Recognition of cost behaviour patterns (fixed and variable)

B. Fixed budget only

C. Zero base

D. Previous year actuals only

Answer: Option A

Solution (By JKSSB Mock Tests)

Flexible budget adjusts for different activity levels by separating fixed and variable costs.

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

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Question #1

The 'Sabka Vishwas' scheme for indirect taxes was for:

A. Income tax disputes

B. Resolution of legacy disputes under excise and service tax

C. Customs only

D. GST disputes

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Correct Answer: Option B

Explanation:
It was a dispute resolution scheme for pre-GST indirect tax matters.

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Question #2

Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are:

A. Only related to listed companies

B. Involving public interest

C. Above ₹10 Crores or involving public interest

D. Of any amount

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Correct Answer: Option C

Explanation:
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.

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

Question #3

The 'Controller General of Accounts' (CGA) is under:

A. Ministry of Finance

B. CAG

C. NITI Aayog

D. RBI

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Correct Answer: Option A

Explanation:
CGA is the principal accounting advisor to the Government of India, functioning under Ministry of Finance.

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

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