The 'Performance Budgeting' technique focuses on: MCQ with Answer and Explanation

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The 'Performance Budgeting' technique focuses on:

A. Outputs and outcomes

B. Inputs only

C. Cash flows

D. Past performance

Answer: Option A

Solution (By JKSSB Mock Tests)

Performance budgeting links funding to results, emphasizing outputs and outcomes rather than just expenditure.

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

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Question #1

The 'Financial Reporting' under Ind AS is applicable to companies as per:

A. SEBI regulation

B. MCA notification

C. RBI directive

D. ICAI guideline

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Correct Answer: Option B

Explanation:
Ministry of Corporate Affairs notifies Ind AS rules.

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Question #2

The 'Subsequent Events' review period extends to:

A. One month after

B. Balance sheet date

C. No fixed date

D. Date of approval of financial statements (if auditor's report is dated later) or date of auditor's report

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Correct Answer: Option D

Explanation:
The auditor's responsibility for subsequent events covers the period up to the date of auditor's report.

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Question #3

Financial audit is conducted mainly to:

A. Detect frauds and errors

B. Express an opinion on the true and fair view of financial statements

C. Evaluate management performance

D. Calculate tax liability

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Correct Answer: Option B

Explanation:
The primary objective of a financial audit is to express an independent opinion on whether the financial statements present a true and fair view.

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

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