The 'Economic Survey' is presented: MCQ with Answer and Explanation

Question
The 'Economic Survey' is presented:
A. On the same day
B. A month before
C. After the budget
D. A day before the budget
Answer: Option D
Solution (By JKSSB Mock Tests)
Economic Survey is tabled typically a day before the Union Budget.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is a direct method of collecting audit evidence?
A. Inspection
B. Observation
C. All of the above
D. Inquiry
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Correct Answer: Option C

Explanation:
Inquiry, observation, and inspection are all direct methods used by auditors to gather sufficient and appropriate audit evidence.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A flexible budget is designed to change in relation to:
A. Management decision
B. Fixed expenses
C. Level of activity
D. Time period
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Correct Answer: Option C

Explanation:
Flexible budget adjusts budgeted figures based on actual level of activity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'GST Audit' by tax authorities (Section 65) has been replaced by:
A. Only CAG audit
B. Reconciliation of returns and information
C. Internal audit
D. No audit
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Correct Answer: Option B

Explanation:
Finance Act 2021 removed the mandatory GST audit by CA/CWA and replaced with self-certification and department's scrutiny.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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