PFMS is integrated with the RBI's Core Banking Solution known as: MCQ with Answer and Explanation

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PFMS is integrated with the RBI's Core Banking Solution known as:

A. UPI

B. E-Kuber

C. SWIFT

D. NEFT

Answer: Option B

Solution (By JKSSB Mock Tests)

PFMS pushes payment instructions directly to E-Kuber, the RBI's core banking system, for swift settlement of government payments.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Cash Book' serves as:

A. A subsidiary book for all transactions

B. Only a journal

C. Both journal and ledger for cash transactions

D. Only a ledger

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Correct Answer: Option C

Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.

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

Question #2

A: The Current Ratio is a liquidity ratio. R: It measures the ability to pay off long-term debts. Choose the correct option.

A. A is true but R is false

B. Both A and R are true but R is NOT the correct explanation of A

C. A is false but R is true

D. Both A and R are true and R is the correct explanation of A

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Correct Answer: Option A

Explanation:
The Current Ratio is indeed a liquidity ratio. However, it measures short-term liquidity (ability to pay current liabilities), not long-term debts (which is measured by solvency ratios like Debt-Equity). A is true, R is false.

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

Question #3

A 'Journal Voucher' is prepared for:

A. Cash purchases

B. Credit sales

C. Payment of wages

D. Cash received from debtors

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Correct Answer: Option B

Explanation:
Credit sales do not involve immediate cash; hence recorded by a journal voucher (non-cash transfer voucher).

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

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