Which of the following is NOT a functional budget? MCQ with Answer and Explanation

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Which of the following is NOT a functional budget?

A. Master Budget

B. Production Budget

C. Sales Budget

D. Materials Budget

Answer: Option A

Solution (By JKSSB Mock Tests)

The Master Budget is a summary budget incorporating all functional budgets (like sales, production) into a projected P&L and Balance Sheet.

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

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Question #1

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The 'Country-by-Country Report' (CbCR) filing in India is required for MNE groups with consolidated revenue exceeding:

A. ₹5,500 crore (€750 million)

B. ₹500 crore

C. No threshold

D. ₹1,000 crore

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Correct Answer: Option A

Explanation:
The threshold is aligned with BEPS Action 13, i.e., €750 million.

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

Question #2

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PFMS is integrated with the RBI's Core Banking Solution known as:

A. SWIFT

B. NEFT

C. UPI

D. E-Kuber

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Correct Answer: Option D

Explanation:
PFMS pushes payment instructions directly to E-Kuber, the RBI's core banking system, for swift settlement of government payments.

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

Question #3

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The 'Outstanding Salary' is recorded by:

A. Debit Cash A/c, Credit Salary A/c

B. Debit Outstanding Salary A/c, Credit Salary A/c

C. Debit Salary A/c, Credit Outstanding Salary A/c

D. No entry

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Correct Answer: Option C

Explanation:
To record accrued expense: Salary A/c Dr. To Outstanding Salary A/c.

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

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