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

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The 'Guillotine' in budget process refers to:

A. Alloting extra time for discussion

B. Adjournment of house

C. Putting all outstanding demands to vote without further discussion

D. Rejection of budget

Answer: Option C

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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Question #1

A Trial Balance shows a difference of ₹5,000 debit side excess. This difference is transferred to:

A. Suspense A/c (Debit)

B. Profit & Loss A/c

C. Suspense A/c (Credit)

D. Capital A/c

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Correct Answer: Option C

Explanation:
If debit side is more, credit side is short. To balance, Suspense Account is credited. So, Suspense A/c (Credit) ₹5,000.

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Question #2

In the context of recent developments, Ind-AS 116 deals with:

A. Financial Instruments

B. Fair Value Measurement

C. Leases

D. Revenue from Contracts with Customers

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Correct Answer: Option C

Explanation:
Ind-AS 116 is the Indian Accounting Standard that deals with the recognition, measurement, presentation, and disclosure of leases.

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Question #3

An entry recorded on both sides of a cash book is known as a:

A. Double entry

B. Contra entry

C. Reversing entry

D. Compound entry

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Correct Answer: Option B

Explanation:
A contra entry affects both the cash and bank columns (e.g., cash deposited into bank), requiring no further ledger posting.

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