The term 'Virement' in budgetary control refers to: MCQ with Answer and Explanation

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The term 'Virement' in budgetary control refers to:

A. Shifting funds from one budget head to another

B. Cutting the budget

C. Increasing the total budget

D. Auditing the budget

Answer: Option A

Solution (By JKSSB Mock Tests)

Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.

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

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Question #1

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A: The Accounting Equation is Assets = Liabilities + Capital. R: This equation is based on the Dual Aspect Concept. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. A is true but R is false

C. Both A and R are true but R is NOT the correct explanation of A

D. A is false but R is true

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Correct Answer: Option A

Explanation:
The accounting equation represents the balance sheet. It is derived from the Dual Aspect Concept, which states that every transaction has two equal and opposite effects, ensuring the equation always balances. R correctly explains A.

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Question #2

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A company's quick ratio is 1:1, current assets ₹2,00,000, inventory ₹40,000. Current liabilities are:

A. ₹1,60,000

B. ₹40,000

C. ₹2,00,000

D. ₹1,00,000

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Correct Answer: Option A

Explanation:
Quick assets = Current assets - Inventory = 2,00,000 - 40,000 = 1,60,000. Quick ratio = QA / CL = 1:1, so CL = ₹1,60,000.

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Question #3

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Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?

A. Standard Costing

B. Responsibility Accounting

C. Social Accounting

D. Fund Based Accounting

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Correct Answer: Option D

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.

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

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