In budgetary control, a 'Flexible Budget' is: MCQ with Answer and Explanation

Question
In budgetary control, a 'Flexible Budget' is:
A. A master budget
B. A budget that changes with the level of activity
C. A budget that is fixed for the period
D. Only prepared for variable costs
Answer: Option B
Solution (By JKSSB Mock Tests)
Flexible budget adjusts for different levels of output.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
'Intangible Assets' are covered by:
A. AS 10
B. AS 2
C. AS 28
D. AS 26
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Correct Answer: Option D

Explanation:
AS 26 deals with recognition, measurement, and disclosure of intangible assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Correction of an Error' (Ind AS 8) is done:
A. By charging to current year
B. By creating a provision
C. Prospectively
D. Retrospectively by restating comparative amounts
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Correct Answer: Option D

Explanation:
Material prior period errors are corrected retrospectively.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
AS 5 (Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies) requires that extraordinary items should be:
A. Disclosed separately in the profit and loss statement
B. Not disclosed
C. Shown as appropriation
D. Clubbed with regular income
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Correct Answer: Option A

Explanation:
Extraordinary items are disclosed separately to show their nature and amount.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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