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

Question
In government accounting under PFMS, what does the SNA model stand for?
A. Standard Nodal Account
B. State National Authority
C. System for National Audit
D. Single Nodal Agency
Answer: Option D
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
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Question #1
The 'Substantive Analytical Procedure' involves:
A. Detailed testing of samples
B. Inquiry only
C. Evaluating financial information through analysis of plausible relationships
D. Physical verification only
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Correct Answer: Option C

Explanation:
Substantive analytical procedures use ratios, trends, and relationships to detect misstatements.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Goods and Services Tax Network' (GSTN) is structured as:
A. Private limited company
B. Public sector undertaking
C. Section 8 (not-for-profit) company
D. Government department
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Correct Answer: Option C

Explanation:
GSTN is a not-for-profit company under Section 8 of Companies Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a 'Qualifying Asset' for borrowing cost capitalisation under AS 16?
A. Assets ready for use
B. A power plant under construction
C. Inventories routinely manufactured
D. Investment property measured at fair value
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Correct Answer: Option B

Explanation:
A qualifying asset requires a substantial period to get ready for intended use/sale.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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