Grants and scholarships are both types of gift aid. Gift aid is money that does not need to be earned or repaid, unlike student employment and student loans. BASIS FOR COMPARISON GRANT SCHOLARSHIP Meaning Grant implies a sum of money given by the government or any other entity to an individual or entity to carry … Read more
An authority competent to incur expenditure may sanction the purchase of goods required for use in public service in accordance with provisions given in the(a) Delegation of Financial Powers Rules (b) Departmental Regulations(c) R&P (d) GFR Answer Answer: A The terms rate contract pertains to(a) Ministries/Departments (b) DGS&D(c) Ministry of Finance (d) Ministry of Corporate … Read more
Works which add capital value to existing assets but do not create new assets are called(a) Original Works (b) Repair Works(c) Minor Works (d) Contingent Works Answer Answer: C New constructions, site preparation, additions and alterations to existing works, special repairs to newly purchased or previously abandoned buildings or structures, including re-modelling or replacement are … Read more
In this post, we have covered all important Questions and answer relevant to the fundamentals of accounting which will be helpful in the Upcoming Exam. Information in financial reports is based ona. Event b. Economic transactionc. non-economic transactions d. All of the above Answer Answer: B Internal users of a business entity are excepta. Chief … Read more
Double entry accounting requires thata. All transactions that create debits to asset accounts must create credits to liability or capital accountsb. A transaction that requires a debit to a liability account require a credit to an asset accountc. Every transaction must be recorded with equal debits equal total credits.d. All of the above Answer Answer: … Read more