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

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The 'Contingency Fund' of India is used for:

A. Defense expenditure

B. Interest payments

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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Which of the following is a 'Revenue Reserve'?

A. Investment allowance reserve

B. General reserve

C. Debenture redemption reserve

D. Capital redemption reserve

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Correct Answer: Option B

Explanation:
General reserve is created out of revenue profits; others are specific reserves.

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Question #2

ESG Reporting focuses on an organization's performance regarding:

A. Equity, Shares, and Gearing

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C. Environmental, Social, and Governance factors

D. Earnings, Sales, and Growth

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Correct Answer: Option C

Explanation:
ESG reporting discloses a company's non-financial impacts, assessing its sustainability, societal impact, and corporate governance practices.

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Question #3

The 'Lease Liability' under Ind AS 116 is measured at:

A. Fair value

B. Undiscounted sum

C. Present value of lease payments not yet paid

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Correct Answer: Option C

Explanation:
Lease liability is initially measured at present value of future lease payments.

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