Which of the following is not an objective of budgetary control? MCQ with Answer and Explanation

Question
Which of the following is not an objective of budgetary control?
A. Co-ordination
B. Planning
C. Control
D. Profit maximization in the short run
Answer: Option D
Solution (By JKSSB Mock Tests)
Budgetary control aims at planning, coordination, control, and efficiency, not just short-term profit maximization.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Tax Deducted at Source (TDS) on rent of land/building under section 194I (exceeding Rs 2.4 lakhs p.a.) is at the rate of:
A. 2%
B. 5%
C. 10%
D. 1%
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Correct Answer: Option C

Explanation:
Under Section 194I of the Income Tax Act, TDS on rent for land and buildings is deducted at 10%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the Indian Financial Management System, the Consolidated Fund of India is operated by:
A. The Finance Minister
B. The President of India
C. The RBI Governor
D. The Prime Minister
Discuss
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Correct Answer: Option B

Explanation:
All revenues received by the Government of India and all loans raised are credited to the Consolidated Fund, which is operated by the President.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Gross Profit' is transferred to:
A. Profit and Loss Account credit
B. Trading Account debit
C. Balance Sheet liability
D. Capital Account
Discuss
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Correct Answer: Option A

Explanation:
Gross profit is credited to Profit & Loss Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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