Which of the following is a feature of the Indian Financial Management System? MCQ with Answer and Explanation

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Which of the following is a feature of the Indian Financial Management System?

A. Zero-based budgeting is prohibited

B. Use of appropriation accounts

C. Absence of audit

D. Decentralized budgeting only

Answer: Option B

Solution (By JKSSB Mock Tests)

Indian government accounting uses appropriation accounts to compare actual spending against grants approved by Parliament.

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

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Question #1

'Calls-in-Arrears' is shown in Balance Sheet by:

A. Deducting from called-up capital

B. Contingent liability

C. Separate liability

D. Adding to share capital

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Correct Answer: Option A

Explanation:
Calls-in-arrears is shown as deduction from called-up capital.

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

Question #2

In a voucher system, which voucher is used to record credit sales?

A. Cash voucher

B. Journal voucher

C. Credit voucher

D. Debit voucher

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Correct Answer: Option B

Explanation:
Credit sales involve no immediate cash, so a journal voucher (non-cash voucher) is used to record the transaction.

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Question #3

On dissolution of a firm, an asset taken over by a partner is credited to:

A. Partner's Capital Account

B. Bank Account

C. Asset Account

D. Realisation Account

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Correct Answer: Option D

Explanation:
Asset taken over is recorded: Partner's Capital A/c Dr., To Realisation A/c. So Realisation A/c is credited.

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

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