Question : What are the basic functions of the Public Accounts Committee (PAC)?
Option 1: To examine the statement of accounts showing the income and expenditure of state corporations, trading and manufacturing schemes and projects.
Option 2: To examine the accounts of stores and stocks.
Option 3: To examine the statement of accounts of autonomous bodies.
Option 4: All the above
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Correct Answer: To examine the statement of accounts showing the income and expenditure of state corporations, trading and manufacturing schemes and projects.
Solution : The correct option is To examine the statement of accounts showing the income and expenditure of state corporations, trading and manufacturing schemes and projects.
The Public Accounts Committee (PAC) performs various important duties, including auditing the financial statements of state enterprises, trade ventures, industrial efforts, and projects. By evaluating these financial records, government institutions may be held responsible for their financial practices and discover instances of financial mismanagement, inefficiency, or probable corruption.
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Question : The annual financial statement shows the receipts and payments of the government in the form of ___________.
Option 1: Contingency Fund, Public Account and Capital Projects
Option 2: Contingency Fund, Public Account and Consolidated Funds
Option 3: Public Account and Consolidated Funds
Option 4: Contingency Fund and Consolidated Funds
Question : Which type of function does the analytical engine perform?
Option 1: Control functions
Option 2: Logical functions
Option 3: Relational functions
Option 4: Arithmetic functions
Question : According to Article 112 of the Constitution of India, the Union Budget for a year is called __________.
Option 1: Fiscal Budget
Option 2: Assessment Statement
Option 3: Annual Financial Statement
Option 4: Annual Budget Statement
Question : The ratio of the expenditure and savings of a person is 4 : 3. His expenditure increases by $\frac{1}{4}$th of his initial savings and his income increases by Rs. 300. If his savings remain the same, then what is his initial expenditure?
Option 1: Rs. 1600
Option 2: Rs. 2000
Option 3: Rs. 1000
Option 4: Rs. 1200
Question : The judiciary has the power to strike down particular laws passed by the Parliament if it believes that these are a violation of the basic structure of the Constitution. This is called _____.
Option 1: judicial review
Option 2: dispute resolution
Option 3: judicial activism
Option 4: public interest litigation
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