The 'Exchequer Control' in government accounting means: MCQ with Answer and Explanation

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The 'Exchequer Control' in government accounting means:

A. No control over expenditure

B. Withdrawal of funds only as per parliamentary grants

C. Only tax collection

D. Free spending

Answer: Option B

Solution (By JKSSB Mock Tests)

Exchequer control ensures government spending is in accordance with approved grants.

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

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Question #1

In Social Cost Benefit Analysis (SCBA), 'Shadow Pricing' is used to:

A. Assign a true economic value to goods when market prices are distorted or non-existent

B. Price products below cost to gain market share

C. Calculate depreciation of intangibles

D. Hide illicit profits

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Correct Answer: Option A

Explanation:
Shadow prices reflect the true opportunity cost of resources to society, used when market prices fail to reflect this true cost.

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Question #2

The 'Vivad se Vishwas' scheme for direct taxes was enacted to:

A. Simplify GST

B. Introduce new taxes

C. Settle pending tax disputes by providing waiver of interest and penalty

D. Increase tax rates

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Correct Answer: Option C

Explanation:
The scheme offers a mechanism to resolve legacy direct tax disputes.

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Question #3

The 'HSN Code' under GST is used for:

A. Both A and C

B. Identifying the type of goods

C. Tax rate determination

D. Identifying the buyer

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Correct Answer: Option A

Explanation:
HSN (Harmonized System of Nomenclature) code classifies goods for tax rates.

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

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