UPSC Prelims Practice Questions — Monthly review of accounts of Government of India upto January 2026 (FY 2025-26)

Q1. The fiscal deficit of the Government of India up to January 2026 (FY 2025-26), as reported in the monthly review of accounts, was closest to what percentage of the year's Budget Estimate?

  • A. 53%
  • B. 63%
  • C. 74.5%
  • D. 79.5%

Q2. In the Union Government's monthly review of accounts, the term 'fiscal deficit' refers to which one of the following?

  • A. The excess of total expenditure over total receipts excluding borrowings
  • B. The excess of total revenue expenditure over total revenue receipts
  • C. The fiscal deficit reduced by interest payments
  • D. The revenue deficit reduced by grants for creation of capital assets

Q3. The monthly review of accounts of the Government of India, which cumulatively consolidates the Centre's receipts and expenditure, is compiled and released by which one of the following?

  • A. Controller General of Accounts, Department of Expenditure, Ministry of Finance
  • B. Comptroller and Auditor General of India
  • C. Department of Economic Affairs, Ministry of Finance
  • D. National Statistics Office, Ministry of Statistics and Programme Implementation

Q4. In the Union Government's monthly accounts, the head 'Tax Revenue (Net to Centre)' is arrived at after transferring the States' share of the divisible pool of central taxes. This distribution of net proceeds of taxes between the Union and the States is provided for under which Article of the Constitution?

  • A. Article 270
  • B. Article 275
  • C. Article 280
  • D. Article 246

Q5. The percentage share of States in the net proceeds of the divisible pool of central taxes, on the basis of which ₹11,39,767 crore was devolved up to January 2026, is recommended by which one of the following?

  • A. The Finance Commission constituted under Article 280
  • B. The GST Council under Article 279A
  • C. NITI Aayog
  • D. The Inter-State Council under Article 263

Q6. With reference to tax devolution to States in the monthly review of accounts, consider the following statements: 1. Devolution to States up to January 2026 was ₹11,39,767 crore, which was ₹65,588 crore higher than the corresponding period of the previous year. 2. Devolution to States up to January 2025 (FY 2024-25) was ₹10,74,179 crore. 3. Under the award currently in force for FY 2025-26, the vertical share of States in the divisible pool is 50%. Which of the statements given above is/are correct?

  1. Devolution to States up to January 2026 was ₹11,39,767 crore, which was ₹65,588 crore higher than the corresponding period of the previous year.
  2. Devolution to States up to January 2025 (FY 2024-25) was ₹10,74,179 crore.
  3. Under the award currently in force for FY 2025-26, the vertical share of States in the divisible pool is 50%.
  • A. 1 and 2 only
  • B. 2 and 3 only
  • C. 1 and 3 only
  • D. 1, 2 and 3

Q7. With reference to Government of India expenditure in the monthly review of accounts, consider the following statements: 1. Total expenditure up to January 2026 was ₹36,90,061 crore, of which ₹8,42,281 crore was on Capital Account. 2. Capital Account expenditure up to January 2026 was higher than the ₹7,57,359 crore recorded up to January 2025. 3. Revenue Account expenditure formed less than 70% of the total expenditure up to January 2026. Which of the statements given above is/are correct?

  1. Total expenditure up to January 2026 was ₹36,90,061 crore, of which ₹8,42,281 crore was on Capital Account.
  2. Capital Account expenditure up to January 2026 was higher than the ₹7,57,359 crore recorded up to January 2025.
  3. Revenue Account expenditure formed less than 70% of the total expenditure up to January 2026.
  • A. 1 and 2 only
  • B. 1 and 3 only
  • C. 2 and 3 only
  • D. 1, 2 and 3

Q8. In the classification of Government expenditure used in the monthly accounts, expenditure on the 'Capital Account' is best described as expenditure which—

  • A. leads to the creation of assets or the reduction of liabilities
  • B. is incurred on the day-to-day running of government and creates no assets
  • C. consists mainly of interest payments, subsidies and salaries
  • D. is, by definition, financed entirely through market borrowings

Q9. The Controller General of Accounts (CGA), which compiles the Union Government's accounts and the monthly review, was set up in which year and functions under which Department/Ministry?

  • A. 1976; Department of Expenditure, Ministry of Finance
  • B. 1971; Department of Economic Affairs, Ministry of Finance
  • C. 1950; Ministry of Home Affairs
  • D. 1976; Department of Revenue, Ministry of Finance

Q10. The form in which the accounts of the Union and of the States are to be kept is prescribed by the President on the advice of the Comptroller and Auditor General. This requirement is contained in which Article of the Constitution?

  • A. Article 148
  • B. Article 149
  • C. Article 150
  • D. Article 151

Q11. Under the FRBM Act, 2003, the Central Government lays several fiscal policy statements before Parliament with the Budget. Which one of these sets out the three-year rolling targets for the prescribed fiscal indicators?

  • A. Medium-Term Fiscal Policy Statement
  • B. Fiscal Policy Strategy Statement
  • C. Macro-Economic Framework Statement
  • D. Medium-Term Expenditure Framework Statement

Q12. The monthly review of accounts up to January 2026 measures cumulative receipts and expenditure against the 'Revised Estimates (RE)'. In Union Budget documents, Revised Estimates refer to—

  • A. the revised assessment of receipts and expenditure for the current ongoing financial year
  • B. the original projections presented for the coming financial year
  • C. the final audited actuals for the previous financial year
  • D. provisional actuals compiled by the CAG after the year closes