In the context of PFMS, the 'Public Accounts Committee' (PAC) examines:
A. The annual budget estimates
B. The appropriation accounts and the audit reports of the CAG
C. The tax collection policies
D. The monetary policy of the RBI
Answer: Option B
Solution (By JKSSB Mock Tests)
The Public Accounts Committee (PAC) of the Parliament examines the appropriation accounts (showing how grants were spent) and the audit reports submitted by the Comptroller and Auditor General (CAG).
Explanation:
The Cost Concept (Historical Cost) requires assets to be recorded at their original purchase price, ignoring subsequent market value fluctuations.
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