Question
In the following questions, there are two statements.
One is labelled as Assertion (A) and other is labelled as Reason (R): Assertion (A): Fixed budget is concerned with budgeting of fixed assets. Reason (R): Cost centre and responsibility centre are not homogeneous terms.Solution
Assertion: A fixed budget is a budget that does not change, regardless of the level of activity. It is based on a single level of output, and the budgeted amounts are not adjusted for changes in activity. Fixed budgets are typically used for budgeting fixed costs, such as rent, salaries, and depreciation. Reason: A cost center is a responsibility center that only focuses on costs. The manager of a cost center is responsible for controlling the costs of the center, but they do not have any control over the revenues of the center. A responsibility center is a unit of an organization that is headed by a manager who is responsible for the performance of that unit. Responsibility centers can be classified into cost centers, revenue centers, profit centers, and investment centers.
The European Space Agency (ESA) is launching the JUICE mission, which aims to explore Jupiter's moons. What is the primary objective of the JUICE mission?
Who was felicitated with the 54th Jnanpith Award for his “outstanding contribution to the enrichment of Indian Literature in English?
Which of the following expenditures are charged to the Consolidated Fund of India?
1. The debt charges for which the Government of India is liabl...
Where is the headquarters of Air Force Functional located in India?
The difference between the value of exports and the value of imports of goods of a country in a given period of time is called _______.
How many Life Insurance Companies are in India?
States have been asked to ensure that their share of funds is transferred to the Single Nodal Agency(SNA) for the Centrally Sponsored Scheme within ____...
________, who passed away in May 2017, was the first woman to become Chief Justice of a High Court in India.
Which countries are part of the COP29 Troika?
Xinjiang city of China is famous for?