Which of the following is not a component of budgetary control? MCQ with Answer and Explanation

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Which of the following is not a component of budgetary control?

A. Comparison of actuals with budgets

B. Budgeting

C. Tax filing

D. Corrective action

Answer: Option C

Solution (By JKSSB Mock Tests)

Budgetary control involves planning, measuring actual performance, comparing, and taking corrective action.

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

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Question #1

'Bills Payable' is shown under:

A. Current liabilities

B. Non-current liabilities

C. Current assets

D. Capital

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Correct Answer: Option A

Explanation:
Bills payable are obligations payable on demand or within a year, thus current liabilities.

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

Question #2

The 'Finance Bill' is presented in Parliament along with:

A. Monetary policy

B. Economic Survey

C. Railway budget

D. Annual Financial Statement (Budget)

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Correct Answer: Option D

Explanation:
Finance Bill is presented to give effect to tax proposals of the budget.

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Question #3

A Cash Book serves the purpose of:

A. A Trial Balance

B. Both Journal and Ledger

C. A Ledger only

D. A Journal only

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Correct Answer: Option B

Explanation:
The cash book acts as a journal because transactions are recorded chronologically, and as a ledger because it contains the cash account balance.

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

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