In the context of PFMS, what does 'Aadhaar Payment Bridge System' (APBS) facilitate? MCQ with Answer and Explanation

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In the context of PFMS, what does 'Aadhaar Payment Bridge System' (APBS) facilitate?

A. Bank auditing

B. Stock market trading

C. Direct Benefit Transfer using Aadhaar

D. Tax collection

Answer: Option C

Solution (By JKSSB Mock Tests)

APBS facilitates Direct Benefit Transfers (DBT) by using the Aadhaar number as the central key for routing government subsidies to beneficiaries.

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Question #1

The 'Ind AS 24' on Related Party Disclosures requires disclosure of:

A. Only compensation of key management personnel

B. Only transactions with key management personnel

C. Only parent-subsidiary relationships

D. Relationships, transactions, and outstanding balances with related parties

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Correct Answer: Option D

Explanation:
Ind AS 24 requires disclosure of related party relationships, transactions, and balances.

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Question #2

The 'Stratified Sampling' in audit is used to:

A. Select a representative sample from sub-populations

B. Audit only large value items

C. Ignore sampling

D. Select all items

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Correct Answer: Option A

Explanation:
Stratification divides population into subgroups with similar characteristics to improve audit efficiency.

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Question #3

Which of the following is a feature of financial management?

A. It is only for non-profit organizations

B. It ignores the time value of money

C. It is a specialized branch of general management

D. It is only concerned with raising funds

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Correct Answer: Option C

Explanation:
Financial management is a specialized branch of general management that deals with the planning, organizing, and controlling of financial activities.

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