Assertion (A): The Public Financial Management System (PFMS) integrates with the Core Banking Solutions (CBS) of banks. Reason (R): This integration ensures that funds are credited directly to the beneficiary's account, eliminating leakages. Choose the correct option.
A.A is false but R is true
B.A is true but R is false
C.Both A and R are true but R is NOT the correct explanation of A
D.Both A and R are true and R is the correct explanation of A
Explanation:
PFMS integrates with CBS to enable Direct Benefit Transfer (DBT). This direct credit to beneficiary accounts ensures transparency and eliminates middlemen, correctly explaining the purpose of the integration.
Explanation:
Prudence is an accounting convention, not a fundamental assumption under AS-1. The three fundamental assumptions are Going Concern, Consistency, and Accrual.
No comments yet. Be the first to start the discussion!