Money kept in Provident Funds and small savings schemes forms part of the: MCQ with Answer and Explanation

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Money kept in Provident Funds and small savings schemes forms part of the:

A. Contingency Fund of India

B. Public Account of India

C. Consolidated Fund of India

D. RBI Reserves

Answer: Option B

Solution (By JKSSB Mock Tests)

The Public Account holds money acting as a banker (e.g., provident funds) and does not require parliamentary vote for disbursements.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Public Financial Management System (PFMS) helps in:

A. Ensuring last-mile connectivity in fund transfer

B. Preventing leakages

C. All of the above

D. Monitoring government subsidies

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Correct Answer: Option C

Explanation:
PFMS aims to track funds, monitor subsidies, ensure DBT, and reduce leakages in public expenditure.

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Question #2

Under-casting of a Sales book by Rs 1,000 will result in:

A. No effect on the Trial Balance totals

B. Credit column of Trial Balance being short by Rs 1,000

C. Debit column of Trial Balance being short by Rs 1,000

D. Suspense account with a debit balance

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Correct Answer: Option B

Explanation:
Sales have a credit balance. If it's under-casted, the total credit postings will be Rs 1,000 less, making the credit column short.

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Question #3

The 'Fair Value' measurement is a key feature of:

A. Ind AS

B. Income Tax Act

C. Partnership Act

D. Cash basis accounting

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Correct Answer: Option A

Explanation:
Ind AS extensively uses fair value for financial instruments, investment property, etc.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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