The 'Excess Grant' is: MCQ with Answer and Explanation

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The 'Excess Grant' is:

A. Expenditure in excess of voted grant

B. Grant not utilized

C. Supplementary grant

D. Token grant

Answer: Option A

Solution (By JKSSB Mock Tests)

Excess grant is the amount spent over the original grant, requiring regularization by Parliament.

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

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Question #1

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The 'Margin of Safety' is ₹2,00,000 and the P/V ratio is 25%. The profit is:

A. ₹2,00,000

B. ₹50,000

C. ₹25,000

D. ₹8,00,000

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Correct Answer: Option B

Explanation:
Profit = Margin of safety × P/V ratio = 2,00,000 × 25% = ₹50,000.

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Question #2

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What is the correct journal entry for depreciation charged on machinery?

A. Debit Depreciation A/c, Credit Cash A/c

B. Debit Depreciation A/c, Credit Machinery A/c

C. Debit P&L A/c, Credit Machinery A/c

D. Debit Machinery A/c, Credit Depreciation A/c

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Correct Answer: Option B

Explanation:
Depreciation is an expense (Debit), and it reduces the value of the asset, so Machinery Account is credited.

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Question #3

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The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at:

A. 15%

B. Exempt

C. 20% with indexation

D. 10% without indexation

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Correct Answer: Option D

Explanation:
LTCG on listed equity shares/equity-oriented funds exceeding ₹1 lakh is taxed at 10% without indexation.

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