PFMS is implemented by which ministry? MCQ with Answer and Explanation

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PFMS is implemented by which ministry?

A. Ministry of Corporate Affairs

B. Ministry of Home Affairs

C. Ministry of Finance

D. Ministry of Commerce

Answer: Option C

Solution (By JKSSB Mock Tests)

PFMS (Public Financial Management System) is under the Office of the Controller General of Accounts, Ministry of Finance.

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

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Question #1

The 'Rights Issue' is offered to:

A. Employees

B. Existing shareholders in proportion to their holding

C. Promoters

D. Public

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Correct Answer: Option B

Explanation:
Rights shares are offered to existing equity shareholders on a pro-rata basis.

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Question #2

The working capital requirement of a business is ₹80,000; current ratio is 2:1. Current assets will be:

A. ₹1,60,000

B. ₹1,20,000

C. ₹40,000

D. ₹80,000

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Correct Answer: Option A

Explanation:
Working capital = CA - CL = 80,000; CA/CL = 2 => CA = 2CL. Then 2CL - CL = 80,000 => CL = 80,000; CA = 1,60,000.

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Question #3

An auditor checking the arithmetical accuracy of the books performs what kind of check?

A. Analytical review

B. Substantive testing

C. Routine checking

D. Compliance testing

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Correct Answer: Option C

Explanation:
Routine checking involves casting (totalling), carry-forwards, and ledger posting verifications to ensure basic mathematical accuracy.

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