The 'Guillotine' in budget process refers to: MCQ with Answer and Explanation

Question
The 'Guillotine' in budget process refers to:
A. Rejection of budget
B. Putting all outstanding demands to vote without further discussion
C. Adjournment of house
D. Alloting extra time for discussion
Answer: Option B
Solution (By JKSSB Mock Tests)
Guillotine is a parliamentary procedure to close discussion on demands for grants and put them to vote.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
An unearned income is classified as:
A. Income
B. Expense
C. Liability
D. Asset
Discuss
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Correct Answer: Option C

Explanation:
Unearned income (advance received) represents obligation to render service, hence a liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A bank reconciliation statement is prepared to reconcile the difference between:
A. Cash book (bank column) and pass book
B. Cash book and petty cash book
C. Cash book and sales book
D. Pass book and purchase book
Discuss
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Correct Answer: Option A

Explanation:
BRS reconciles the bank balance as per cash book (bank column) with the balance as per bank statement (pass book).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a function of cost accounting?
A. Assisting in decision making
B. Preparation of financial statements
C. Ascertaining cost
D. Cost control
Discuss
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Correct Answer: Option B

Explanation:
Preparation of financial statements is the function of financial accounting, not cost accounting.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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