In India, the Finance Commission is responsible for: MCQ with Answer and Explanation

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In India, the Finance Commission is responsible for:

A. Preparation of Union Budget

B. Tax collection

C. Distribution of tax revenues between Centre and States

D. Conducting audit

Answer: Option C

Solution (By JKSSB Mock Tests)

Finance Commission recommends the sharing of central taxes with states, as per Article 280 of the Constitution.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Physical Verification' of inventory is a part of:

A. Substantive procedure

B. None

C. Internal control evaluation

D. Compliance procedure

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Correct Answer: Option A

Explanation:
Physical verification is a substantive audit procedure to verify existence of inventory.

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

Question #2

If a Trial Balance tallies, it indicates:

A. No errors exist

B. Books are complete

C. Only arithmetical accuracy, errors may still exist

D. All transactions are recorded correctly

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Correct Answer: Option C

Explanation:
Agreed trial balance is not conclusive proof of accuracy; errors of principle, omission, commission may still be present.

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

Question #3

The 'Segment Information' under Ind AS 108 is based on:

A. The management approach (as reported internally to the chief operating decision maker)

B. Product lines only

C. Geographical areas only

D. Legal entities

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Correct Answer: Option A

Explanation:
Ind AS 108 adopts a 'management approach' to identify operating segments.

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

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