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

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Which of the following is not an objective of budgetary control?

A. Control

B. Profit maximization in the short run

C. Planning

D. Co-ordination

Answer: Option B

Solution (By JKSSB Mock Tests)

Budgetary control aims at planning, coordination, control, and efficiency, not just short-term profit maximization.

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Question #1

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Assertion (A): Capital Expenditure is shown in the Balance Sheet. Reason (R): Its benefit is exhausted within the current accounting period.

A. A is true but R is false

B. Both A and R are true but R is not the correct explanation of A

C. A is false but R is true

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

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Correct Answer: Option A

Explanation:
Capital expenditure yields benefits over multiple future periods (hence an asset), making Reason R false. R describes revenue expenditure.

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Question #2

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A 'Master Budget' is a summary of:

A. All functional budgets

B. Only cash budget

C. Only production budget

D. Only sales budget

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Correct Answer: Option A

Explanation:
Master budget consolidates all subsidiary budgets into one comprehensive plan.

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Question #3

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The 'First-time Adoption of Ind AS' (Ind AS 101) requires:

A. No changes

B. Full retrospective application of all Ind AS with certain optional exemptions and mandatory exceptions

C. Only current year change

D. Prospective application

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Correct Answer: Option B

Explanation:
Ind AS 101 sets the transition rules with some relief.

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