Zero Base Budgeting requires: MCQ with Answer and Explanation

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Zero Base Budgeting requires:

A. Justification of every budget item from scratch

B. No justification

C. Only incremental changes

D. Using last year's budget as base

Answer: Option A

Solution (By JKSSB Mock Tests)

ZBB starts from a 'zero base', and every function and expenditure must be justified.

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

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Question #1

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The 'Trial Balance' includes:

A. Only real and nominal accounts

B. Only nominal accounts

C. Only personal account balances

D. Balances of all ledger accounts

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Correct Answer: Option D

Explanation:
It lists all ledger balances irrespective of account type.

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

Question #2

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S1: Under GST, the 'E-way bill' is required for the movement of goods where the consignment value exceeds ₹50,000. S2: The E-way bill is generated on the common portal by the registered person before the commencement of the movement of goods. Which statement(s) is/are correct?

A. S2 only

B. Neither S1 nor S2

C. S1 only

D. Both S1 and S2

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Correct Answer: Option D

Explanation:
Both statements are correct. Rule 138 of the CGST Rules mandates an e-way bill for goods valued over ₹50,000, and it must be generated by the supplier/recipient before the goods are moved.

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