The 'Controller General of Accounts' (CGA) is under: MCQ with Answer and Explanation

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The 'Controller General of Accounts' (CGA) is under:

A. CAG

B. NITI Aayog

C. RBI

D. Ministry of Finance

Answer: Option D

Solution (By JKSSB Mock Tests)

CGA is the principal accounting advisor to the Government of India, functioning under Ministry of Finance.

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

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Question #1

The balance in the Share Forfeiture Account after reissue of forfeited shares is transferred to:

A. Profit & Loss Account

B. Capital Reserve

C. General Reserve

D. Securities Premium Account

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Correct Answer: Option B

Explanation:
The profit on reissue of forfeited shares is a capital profit, which is transferred to the Capital Reserve account.

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

Question #2

Which of the following is NOT a component of the Indian Financial System?

A. Financial Auditors

B. Financial Institutions

C. Financial Instruments

D. Financial Markets

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Correct Answer: Option A

Explanation:
The Indian Financial System comprises financial institutions, markets, instruments, and services. Auditors are professionals who verify financial data, not a structural component of the financial system itself.

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Question #3

The 'Receipts and Payments Account' is prepared by:

A. Companies

B. Trading concerns

C. Non-profit organizations

D. Partnership firms

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Correct Answer: Option C

Explanation:
Non-profit organizations prepare Receipts and Payments Account as a summary of cash transactions.

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

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