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
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
PC 13/14 MCQ on Chapter 5 (Financial Statement) | SAS PC14 MCQ The part of a financial statement arei. Trial Balance ii. Trading Accountiii. Profit & Loss Account iv. Balance Sheeta. i, ii and iii b. ii, iii and ivc. i, iii and iv d. All of the above Answer Answer: B Which of the … Read more
The classification of transaction in Government Accounts shall have closer reference to(a) Function/Programme/Activity (b) Department/Ministry(c) Capital and Revenue (d) Charged and Voted Answer Answer: A The classification of transaction in Government Accounts shall have closer reference to function/programme/activity of the Government has been mentioned in(a) Rule 10 of GFR, 2005 (b) Rule 29 of R& … Read more
Service Books maintained in the establishment should be verified every year by the(a) Head of Office (b) Head of Department(c) Accounts Officer (d) Person concerned Answer Answer: A Pick the incorrect one(a) The service book of a government servant shall be maintained in duplicate. First copy shall be retained and maintained by the Head of … Read more