In government accounting, 'Consolidated Fund' refers to: MCQ with Answer and Explanation

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In government accounting, 'Consolidated Fund' refers to:

A. Funds of public sector units

B. Public provident fund

C. All revenues and loans raised by government

D. Funds for emergency

Answer: Option C

Solution (By JKSSB Mock Tests)

Consolidated Fund of India includes all revenues, loans, and repayments, from which all expenditure is met.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Agricultural income in India is:

A. Fully taxable

B. Taxable at a flat rate of 10%

C. Exempted under Section 10(1)

D. Taxable only for corporate farmers

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Correct Answer: Option C

Explanation:
Section 10(1) of the Income Tax Act exempts agricultural income from Central Income Tax.

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

Question #2

Which of the following is NOT a method of costing?

A. Process costing

B. Marginal costing

C. Job costing

D. Forensic costing

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Correct Answer: Option D

Explanation:
Forensic costing is not a standard costing method. Job, process, batch, contract, marginal are methods/techniques.

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

Question #3

A trader paid carriage on purchase of goods. It will be debited to:

A. Trading A/c (Direct expense)

B. Carriage Outward A/c

C. Profit & Loss A/c

D. Carriage Inward A/c

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Correct Answer: Option D

Explanation:
Carriage paid on purchases is a direct expense, debited to Carriage Inward A/c, and later transferred to Trading A/c.

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