The concept of 'Zero Base Budgeting' was introduced in India for government budgeting in: MCQ with Answer and Explanation

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The concept of 'Zero Base Budgeting' was introduced in India for government budgeting in:

A. 2000s

B. 1970s

C. 1980s

D. 1990s

Answer: Option C

Solution (By JKSSB Mock Tests)

Zero Base Budgeting (ZBB) was introduced in India in the 1980s as a reform in government budgeting.

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

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Question #1

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The 'Revenue from Contracts with Customers' (Ind AS 115) requires identification of performance obligations. A performance obligation is:

A. Each promise to transfer a distinct good or service (or series)

B. Only goods

C. Only services

D. The contract as a whole

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Correct Answer: Option A

Explanation:
Distinct goods/services are separate performance obligations.

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Question #2

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Assertion (A): Single Entry System is considered unscientific. Reason (R): It does not strictly follow the dual aspect principle for all transactions.

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true but R is not the correct explanation of A

C. A is false but R is true

D. A is true but R is false

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Correct Answer: Option A

Explanation:
Single entry is unscientific and incomplete because it ignores the two-fold aspect (debit and credit) for many transactions, maintaining only cash and personal accounts.

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Question #3

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S1: The Ledger is the book of original entry. S2: The process of transferring entries from the Journal to the Ledger is called posting. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. S1 only

D. Both S1 and S2

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Correct Answer: Option B

Explanation:
The Journal is the book of original entry, not the Ledger. The Ledger is the principal book of accounts. S2 is correct as posting is the process of transferring journal entries to ledger accounts.

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