In budgetary control, a 'master budget' is: MCQ with Answer and Explanation

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In budgetary control, a 'master budget' is:

A. Cash budget only

B. A summary of all functional budgets

C. Capital expenditure budget

D. Only sales budget

Answer: Option B

Solution (By JKSSB Mock Tests)

Master budget consolidates all subsidiary budgets (sales, production, cash, etc.) into a comprehensive overall budget.

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 apex institution for regulating the money market is:

A. RBI

B. IRDAI

C. SEBI

D. Ministry of Corporate Affairs

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Correct Answer: Option A

Explanation:
The Reserve Bank of India (RBI) controls monetary policy and regulates the money market in India.

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

Question #2

Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?

A. Social Accounting

B. Responsibility Accounting

C. Fund Based Accounting

D. Standard Costing

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Correct Answer: Option C

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.

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

Question #3

The 'Interim Dividend' is declared by:

A. Shareholders

B. Board of Directors

C. Auditors

D. Government

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Correct Answer: Option B

Explanation:
Interim dividend can be declared by the Board of Directors between annual general meetings.

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

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