In the Indian Financial Management System, the Consolidated Fund of India is operated by: MCQ with Answer and Explanation

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In the Indian Financial Management System, the Consolidated Fund of India is operated by:

A. The President of India

B. The Finance Minister

C. The Prime Minister

D. The RBI Governor

Answer: Option A

Solution (By JKSSB Mock Tests)

All revenues received by the Government of India and all loans raised are credited to the Consolidated Fund, which is operated by the President.

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

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Question #1

The 'Annual Information Statement' (AIS) under Income Tax provides:

A. Comprehensive view of financial transactions reported by various entities

B. Tax audit report

C. GST details

D. Only TDS details

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Correct Answer: Option A

Explanation:
AIS consolidates information like TDS, TCS, interest, dividends, share transactions, etc.

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Question #2

A 'Standard Cost' is:

A. Historical cost

B. A predetermined cost based on technical estimates

C. Average cost

D. Actual cost incurred

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Correct Answer: Option B

Explanation:
Standard cost is a scientifically predetermined cost used as a benchmark for performance evaluation.

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Question #3

If a factory uses standard costing, the Material Price Variance is calculated as:

A. (Standard Price - Actual Price) * Standard Quantity

B. (Standard Quantity - Actual Quantity) * Standard Price

C. Standard Cost - Actual Cost

D. (Standard Price - Actual Price) * Actual Quantity

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Correct Answer: Option D

Explanation:
Material Price Variance isolates the price effect by multiplying the difference in price (Standard - Actual) by the Actual Quantity purchased.

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

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