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. NITI Aayog

B. Ministry of Finance

C. RBI

D. CAG

Answer: Option B

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

Which of the following is a direct tax?

A. GST

B. Income tax

C. Excise duty

D. Customs duty

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Correct Answer: Option B

Explanation:
Income tax is a direct tax as the burden falls directly on the taxpayer. GST, excise, customs are indirect taxes.

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

Question #2

The Consolidated Fund of India is formed by:

A. All revenues received, loans raised, and repayments of loans

B. Only direct taxes

C. Disinvestment proceeds only

D. Only GST collections

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Correct Answer: Option A

Explanation:
Consolidated Fund holds all government receipts, borrowings, and loan recoveries.

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

Question #3

S1: Bank Reconciliation Statement is prepared by the bank. S2: Bank Reconciliation Statement is prepared on a specific date. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. S2 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
BRS is prepared by the account holder (the customer), not the bank. It is prepared for a specific date to reconcile the balances as per the Cash Book and the Pass Book on that day. S1 is incorrect, S2 is correct.

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

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