The 'Budget' is presented in Parliament by: MCQ with Answer and Explanation

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The 'Budget' is presented in Parliament by:

A. Speaker

B. Finance Minister

C. President

D. Prime Minister

Answer: Option B

Solution (By JKSSB Mock Tests)

The Union Budget is presented by the Finance Minister.

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

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Question #1

A 'Standard Cost' is:

A. Average cost

B. A predetermined cost based on technical estimates

C. Historical 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.

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

Question #2

The 'Component Accounting' is required under:

A. AS 2

B. Ind AS 16 / AS 10

C. AS 15

D. AS 13

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Correct Answer: Option B

Explanation:
Ind AS 16 requires significant parts of an asset to be depreciated separately.

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Question #3

The 'Discount Column' in the three-column cash book is:

A. Not used

B. Balanced

C. Only totalled and then posted to ledger

D. Used only for bank reconciliation

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Correct Answer: Option C

Explanation:
Discount columns are not balanced; their totals are posted to discount allowed/received accounts.

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

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