PFMS is an initiative of the Government of India to: MCQ with Answer and Explanation

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PFMS is an initiative of the Government of India to:

A. Ensure a robust public financial management system and direct benefit transfers

B. Provide loans to farmers

C. Manage corporate taxes

D. Regulate stock exchanges

Answer: Option A

Solution (By JKSSB Mock Tests)

PFMS tracks funds and facilitates DBT for various government schemes.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which account is debited when goods are distributed as free samples?

A. Drawings Account

B. Purchases Account

C. Advertising Account

D. Sales Account

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Correct Answer: Option C

Explanation:
Goods distributed as free samples are treated as a promotional expense, so the Advertising or Sales Promotion account is debited.

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

Question #2

The 'Transfer Price' in cost accounting for internal transfers is:

A. Cost plus fixed profit

B. Government regulated price

C. Market price only

D. Price at which goods/services are transferred between divisions of the same company

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Correct Answer: Option D

Explanation:
Transfer price is the value placed on internal transfers between responsibility centres.

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

Question #3

The foundational principle of Double Entry Bookkeeping is:

A. Assets must be greater than liabilities

B. Cash received must equal cash paid

C. Expenses must equal incomes

D. Every debit has a corresponding credit

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Correct Answer: Option D

Explanation:
Double entry bookkeeping relies on the dual aspect concept, meaning every transaction affects at least two accounts with equal debits and credits.

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

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