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

Question

Share Report Error

PFMS is implemented by which ministry?

A. Ministry of Corporate Affairs

B. Ministry of Commerce

C. Ministry of Home Affairs

D. Ministry of Finance

Answer: Option D

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

A partner's drawings are ₹12,000 drawn evenly throughout the year. Interest on drawings @ 10% p.a. would be:

A. ₹550

B. ₹600

C. ₹300

D. ₹1,200

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
If drawings are made evenly throughout the year, average period = 6 months. Interest = 12,000 × 10% × 6/12 = ₹600.

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

Question #2

The term 'FIFO' stands for:

A. Fixed In, Fixed Out

B. First In, First Out

C. First In, First Over

D. Final In, First Out

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
FIFO is an inventory valuation method where the cost of the earliest goods purchased is assigned to the cost of goods sold first.

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

Question #3

The 'Dual-purpose Test' in audit is:

A. Two separate tests

B. Only substantive

C. Only compliance

D. A test that serves both as a test of control and a substantive test

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
A single procedure can provide evidence on both controls and substantive assertions.

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

Explore All Accountancy and Book Keeping MCQs