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

Question
The concept of 'Management by Exception' is applied in:
A. Standard costing and budgetary control
B. Audit only
C. Financial accounting
D. Tax accounting
Answer: Option A
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 'Comptroller and Auditor General' (CAG) is not responsible for audit of:
A. Autonomous bodies substantially financed by government
B. Public sector banks (statutory audit by CA firms)
C. Government companies
D. Government departments
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Correct Answer: Option B

Explanation:
Statutory audit of public sector banks is conducted by chartered accountant firms appointed by RBI/Central Government; CAG conducts supplementary audit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Impersonal Accounts' are further classified into:
A. Real and Nominal
B. Current and Non-current
C. Natural and Artificial
D. Representative and Personal
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Correct Answer: Option A

Explanation:
Impersonal accounts include real (assets) and nominal (expenses/losses, incomes/gains).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a direct tax levied by the Union Government?
A. Excise duty on alcohol
B. Entertainment tax
C. Sales tax
D. Income tax
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Correct Answer: Option D

Explanation:
Income tax is a direct tax. Excise on alcohol is state subject. Sales tax/VAT is state. Entertainment tax is local.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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