The concept of 'Management by Exception' is applied in: MCQ with Answer and Explanation

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The concept of 'Management by Exception' is applied in:

A. Audit only

B. Standard costing and budgetary control

C. Financial accounting

D. Tax accounting

Answer: Option B

Solution (By JKSSB Mock Tests)

Management by exception focuses on significant variances between actual and standard/budgeted performance, ignoring minor deviations.

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

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Question #1

The financial statement that shows the financial position of an entity at a specific date is:

A. Balance Sheet

B. Trading Account

C. Profit & Loss Account

D. Cash Flow Statement

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Correct Answer: Option A

Explanation:
Balance Sheet is a statement of assets and liabilities as on a specific date, showing financial position.

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

Question #2

The 'Double Entry System' was first codified by:

A. Adam Smith

B. Henry Ford

C. Kautilya

D. Luca Pacioli

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Correct Answer: Option D

Explanation:
Luca Pacioli, an Italian mathematician, described the double-entry system in 1494.

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Question #3

The penalty for late filing of GSTR-3B is:

A. ₹200 per day

B. ₹50 per day (₹25 CGST + ₹25 SGST)

C. ₹100 per day

D. ₹500 per day

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Correct Answer: Option B

Explanation:
Late fee is ₹50 per day (₹25 CGST + ₹25 SGST) for normal returns.

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

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