PFMS stands for: MCQ with Answer and Explanation

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PFMS stands for:

A. Public Finance and Monetary System

B. Public Fund Monitoring System

C. Private Financial Management Scheme

D. Public Financial Management System

Answer: Option D

Solution (By JKSSB Mock Tests)

PFMS is the Public Financial Management System administered by the Department of Expenditure, Ministry of Finance, Government of India.

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

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Question #1

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Which standard ensures consistency in classifying cash flows from operating, investing, and financing activities in India?

A. Ind AS 1

B. Ind AS 10

C. Ind AS 7

D. Ind AS 2

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Correct Answer: Option C

Explanation:
Ind AS 7 (equivalent to IAS 7) deals specifically with the preparation and presentation of the Statement of Cash Flows.

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Question #2

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'Calls-in-Arrears' is shown in Balance Sheet by:

A. Deducting from called-up capital

B. Contingent liability

C. Separate liability

D. Adding to share capital

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Correct Answer: Option A

Explanation:
Calls-in-arrears is shown as deduction from called-up capital.

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Question #3

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What is the correct journal entry for interest on capital provided to the owner?

A. Debit Interest on Capital, Credit Cash

B. Debit Capital, Credit Interest on Capital

C. Debit P&L Account, Credit Cash

D. Debit Interest on Capital, Credit Capital

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Correct Answer: Option D

Explanation:
Interest on capital is an expense (Debit), and it increases the owner's capital account (Credit).

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