In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows which of the following basic transactions? MCQ with Answer and Explanation

In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows which of the following basic transactions?
A. Cash Withdrawal
B. Both A and B
C. Balance Inquiry
D. Cash Deposit
Answer: Option B
Solution (By JKSSB Mock Tests)
AePS allows basic banking transactions like Balance Inquiry, Cash Withdrawal, and Mini Statement using Aadhaar authentication. Cash Deposit is generally not supported through AePS micro-ATMs.

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Practice More Accountancy and Book Keeping Questions

Question #1
A suspense account is opened when:
A. A fraud is detected
B. Final accounts are prepared
C. Trial balance does not agree
D. Cash book shows overdraft

Correct Answer: Option C


Explanation:
When trial balance totals do not match, the difference is temporarily placed in a suspense account to allow final accounts preparation.

Question #2
GST Council decisions are taken by a majority of not less than:
A. Two-thirds of the weighted votes
B. Unanimous vote
C. Three-fourths of the weighted votes
D. Simple majority

Correct Answer: Option C


Explanation:
Article 279A dictates that every decision of the GST Council must be supported by a minimum of 75% (three-fourths) weighted majority of the members present and voting.

Question #3
'Dividend' can be paid out of:
A. Current year's profits or accumulated profits
B. Capital
C. Borrowed funds
D. Securities premium

Correct Answer: Option A


Explanation:
Dividend is paid only out of profits.