The 'Fiscal Deficit' is: MCQ with Answer and Explanation

Question
The 'Fiscal Deficit' is:
A. Primary deficit plus interest payments
B. Total expenditure minus total revenue
C. Revenue deficit minus grants
D. Total expenditure minus total receipts (excluding borrowings)
Answer: Option D
Solution (By JKSSB Mock Tests)
Fiscal deficit = Total expenditure - (Revenue receipts + Non-debt capital receipts). It indicates borrowing requirement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In the context of recent developments, Ind-AS 116 deals with:
A. Fair Value Measurement
B. Revenue from Contracts with Customers
C. Leases
D. Financial Instruments
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Correct Answer: Option C

Explanation:
Ind-AS 116 is the Indian Accounting Standard that deals with the recognition, measurement, presentation, and disclosure of leases.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a feature of the Indian Financial System?
A. It is entirely unregulated
B. It does not include capital markets
C. It consists of both organized and unorganized sectors
D. It only includes commercial banks
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Correct Answer: Option C

Explanation:
The Indian Financial System comprises both the organized sector (RBI, banks, stock exchanges) and the unorganized sector (moneylenders, indigenous bankers).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which concept assumes that the business will continue to exist indefinitely?
A. Going Concern Concept
B. Consistency Concept
C. Materiality Concept
D. Accrual Concept
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Correct Answer: Option A

Explanation:
The Going Concern concept assumes that the enterprise will continue its operations for the foreseeable future with no intention to liquidate.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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