PFMS stands for: MCQ with Answer and Explanation

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PFMS stands for:

A. Public Financial Management System

B. Public Finance and Monetary System

C. Public Fund Monitoring System

D. Private Financial Management Scheme

Answer: Option A

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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The formula to calculate Cost of Goods Sold (COGS) is:

A. Sales - Net Profit

B. Purchases + Closing Stock - Opening Stock

C. Opening Stock + Purchases + Direct Expenses - Closing Stock

D. Opening Stock - Purchases - Closing Stock

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Correct Answer: Option C

Explanation:
COGS accounts for all direct costs of making/buying the goods actually sold during the period.

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

Question #2

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S1: Flexible budget is prepared for a single level of activity. S2: Flexible budget is prepared for a range of activity levels. Which statement(s) is/are correct?

A. Both S1 and S2

B. Neither S1 nor S2

C. S2 only

D. S1 only

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Correct Answer: Option C

Explanation:
A Fixed Budget is prepared for a single, predetermined level of activity. A Flexible Budget is designed to change with the level of activity and is prepared for a range of activity levels. S1 is incorrect, S2 is correct.

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