In government accounting under PFMS, what does the SNA model stand for? MCQ with Answer and Explanation

Question

Share Report Error

In government accounting under PFMS, what does the SNA model stand for?

A. Single Nodal Agency

B. State National Authority

C. System for National Audit

D. Standard Nodal Account

Answer: Option A

Solution (By JKSSB Mock Tests)

The Single Nodal Agency (SNA) model ensures states operate a single account for each Centrally Sponsored Scheme to prevent idle float of funds.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The primary purpose of preparing a Profit and Loss Account is to find out:

A. Total Assets

B. Net Profit or Net Loss

C. Financial Position

D. Gross Profit

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The P&L account deduces all indirect expenses from the gross profit to ascertain the final Net Profit or Loss for the period.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

According to AS-2 (Valuation of Inventories), which cost formula is widely accepted for measuring historical cost of inventory?

A. FIFO or Weighted Average Cost

B. Replacement Cost

C. Next-In-First-Out (NIFO)

D. LIFO (Last In First Out)

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
AS-2 recommends FIFO or Weighted Average Cost. LIFO is generally not permitted under Indian Accounting Standards.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Dispute Resolution Committee' (DRC) under Income Tax deals with:

A. Large corporates

B. All taxpayers

C. Small taxpayers with returned income up to ₹50 lakh and disputed demand up to ₹10 lakh

D. Non-residents

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
DRC facilitates resolution of disputes for eligible small taxpayers.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs