The 'Contingency Fund' of India is used for: MCQ with Answer and Explanation

Question

Share Report Error

The 'Contingency Fund' of India is used for:

A. Interest payments

B. Defense expenditure

C. Unforeseen expenditure pending authorization by Parliament

D. Routine government expenses

Answer: Option C

Solution (By JKSSB Mock Tests)

Contingency Fund is at the disposal of the President to meet urgent unforeseen expenditure.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

In a common-size statement, all items are expressed as percentage of:

A. Gross profit

B. Total assets or total revenue

C. Net profit

D. Capital

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Correct Answer: Option B

Explanation:
Common-size balance sheet expresses each item as % of total assets; income statement as % of net sales.

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Question #2

The audit report is addressed to:

A. Government

B. Shareholders

C. Board of directors

D. Management

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Correct Answer: Option B

Explanation:
The auditor's report is addressed to the members (shareholders) of the company.

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Question #3

A favorable balance as per Pass Book means:

A. Overdraft

B. Credit balance

C. Nil balance

D. Debit balance

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Correct Answer: Option B

Explanation:
From the bank's perspective, customer deposits are liabilities. A positive (favorable) balance is therefore a credit balance in the Pass Book.

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

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