Under the General Financial Rules (GFR) 2017, who is the primary authority responsible for sanctioning contingent expenditure in a government department?
Explanation:
Under GFR 2017, the Controlling Officer is primarily responsible for sanctioning contingent expenditure and ensuring that such expenditure is within the authorized limits.
S1: Cost audit is mandatory for all companies in India. S2: Cost audit is conducted to verify the accuracy of cost records. Which statement(s) is/are correct?
Explanation:
Cost audit is not mandatory for all companies; it is only required for specific classes of companies (like those in regulated sectors or manufacturing) as prescribed by the Central Government. S2 is correct as it verifies cost records. S1 is incorrect.
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