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

Question
The 'Excess Grant' is:
A. Supplementary grant
B. Expenditure in excess of voted grant
C. Token grant
D. Grant not utilized
Answer: Option B
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Financial Year' for a company under Companies Act is:
A. Diwali to Diwali
B. 1st April to 31st March
C. Any 12-month period
D. 1st January to 31st December
Discuss
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Correct Answer: Option B

Explanation:
Financial year for companies is uniform: April to March.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Reverse Charge Mechanism' under GST means:
A. Tax is paid by the supplier
B. Tax is paid by the recipient of supply
C. Tax is exempt
D. Tax is deferred
Discuss
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Correct Answer: Option B

Explanation:
Under reverse charge, the liability to pay GST shifts from the supplier to the recipient.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Atal Pension Yojana' (APY) is focused on:
A. Corporate employees
B. Only government employees
C. Unorganised sector workers, providing guaranteed pension
D. High-income group
Discuss
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Correct Answer: Option C

Explanation:
APY provides a defined pension for subscribers in the unorganised sector.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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