The 'Charged Expenditure' on the Consolidated Fund includes: MCQ with Answer and Explanation

Question

Share Report Error

The 'Charged Expenditure' on the Consolidated Fund includes:

A. Defense expenditure

B. Education expenditure

C. Salary of President and CAG

D. Road construction

Answer: Option C

Solution (By JKSSB Mock Tests)

Charged expenditure includes emoluments of President, Judges, CAG, etc., which are non-votable.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

For real accounts, the rule is:

A. Debit expenses and losses, Credit incomes and gains

B. Debit what comes in, Credit what goes out

C. None of these

D. Debit the receiver, Credit the giver

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Real accounts (assets) follow: Debit what comes in, credit what goes out.

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

Question #2

Which accounting concept requires that the life of the business be divided into smaller intervals for performance measurement?

A. Accounting Period Concept

B. Materiality Concept

C. Going Concern Concept

D. Matching Concept

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.

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

Question #3

Interest on drawings is charged to partners' capital/current accounts because:

A. It is an income for the firm

B. It is an expense for the firm

C. It reduces partners' capital

D. It is a liability

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Interest on drawings is a gain for the firm, so it is credited to Profit & Loss Appropriation Account and debited to partners' capital accounts.

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

Explore All Accountancy and Book Keeping MCQs