The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements? MCQ with Answer and Explanation

Question
The 'Budgetary Control' system involves: 1. Establishment of budgets, 2. Continuous comparison of actuals with budgets, 3. Taking corrective action, 4. Performance evaluation. Which of these are essential elements?
A. 1, 2 and 3 only
B. 1, 2, 3 and 4
C. 2 and 4 only
D. 1 and 2 only
Answer: Option B
Solution (By JKSSB Mock Tests)
All four are integral parts of budgetary control.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Minimum Alternate Tax' (MAT) rate for companies is:
A. 15% (plus surcharge and cess)
B. 22%
C. 15%
D. 18.5%
Discuss
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Correct Answer: Option A

Explanation:
MAT is 15% of book profits (plus surcharge and cess).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
According to the accounting equation, if a business borrows ₹50,000 from bank, then:
A. Assets increase, capital increase
B. Assets increase, liabilities increase
C. Assets decrease, liabilities increase
D. Assets decrease, capital decrease
Discuss
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Correct Answer: Option B

Explanation:
Cash (asset) increases, and bank loan (liability) increases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The concept of 'Going Concern' assumes that:
A. Profits are not important
B. The business will continue operations indefinitely
C. The business will be liquidated soon
D. The business is not viable
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Correct Answer: Option B

Explanation:
Going concern concept assumes that the enterprise will continue in operation for the foreseeable future, and has no intention to liquidate.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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