PFMS is managed and implemented by: MCQ with Answer and Explanation

Question
PFMS is managed and implemented by:
A. NITI Aayog
B. Controller General of Accounts (CGA)
C. Comptroller and Auditor General (CAG)
D. Reserve Bank of India (RBI)
Answer: Option B
Solution (By JKSSB Mock Tests)
The Controller General of Accounts (CGA) under the Ministry of Finance administers the PFMS portal.
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 of the following is not a method of depreciation?
A. Straight-line
B. Perpetual inventory method
C. Machine hour rate
D. Sum of years' digits
Discuss
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Correct Answer: Option B

Explanation:
Perpetual inventory method is a method of inventory valuation, not depreciation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?
A. Responsibility Accounting
B. Standard Costing
C. Social Accounting
D. Fund Based Accounting
Discuss
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Correct Answer: Option D

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Rights Issue' is offered to:
A. Employees
B. Existing shareholders in proportion to their holding
C. Promoters
D. Public
Discuss
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Correct Answer: Option B

Explanation:
Rights shares are offered to existing equity shareholders on a pro-rata basis.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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