Integration of State Treasuries with PFMS achieves which of the following? MCQ with Answer and Explanation

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Integration of State Treasuries with PFMS achieves which of the following?

A. Tracking of Centrally Sponsored Schemes (CSS) funds up to the implementing agencies

B. Complete elimination of state governments

C. Conversion of cash into digital currency

D. Privatization of public banks

Answer: Option A

Solution (By JKSSB Mock Tests)

Treasury integration allows the central government to track unspent balances and actual expenditure of funds granted to states for various schemes.

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Question #1

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A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is:

A. 5:3:2

B. 4:3:2

C. 3:2:1

D. 9:6:5

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Correct Answer: Option A

Explanation:
A's new share = 3/5 - 1/10 = 5/10, B's new = 2/5 - 1/10 = 3/10, C's = 2/10. Ratio 5:3:2.

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Question #2

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XBRL stands for:

A. External Business Record Language

B. Extra Balance and Revenue Ledger

C. Extended Banking Reporting Ledger

D. Extensible Business Reporting Language

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Correct Answer: Option D

Explanation:
XBRL is an open international standard for digital business reporting, tagging financial data for easy automated analysis.

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Question #3

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Under Ind AS 37, a provision should be recognized when:

A. The amount of the obligation is contingent upon the occurrence of a future event.

B. It is probable that an outflow of resources will be required to settle a present obligation, and a reliable estimate can be made.

C. There is a possible obligation arising from past events.

D. The entity has a general business policy to repair damages to its reputation.

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Correct Answer: Option B

Explanation:
Ind AS 37 mandates that a provision is recognized only when there is a present obligation (legal or constructive) from a past event, an outflow of resources is probable, and a reliable estimate can be made.

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