Public Financial Management System (PFMS) helps in: MCQ with Answer and Explanation

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Public Financial Management System (PFMS) helps in:

A. All of the above

B. Monitoring government subsidies

C. Ensuring last-mile connectivity in fund transfer

D. Preventing leakages

Answer: Option A

Solution (By JKSSB Mock Tests)

PFMS aims to track funds, monitor subsidies, ensure DBT, and reduce leakages in public expenditure.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Goodwill brought in cash by a new partner is distributed among old partners in their:

A. Sacrificing ratio

B. Capital ratio

C. New profit sharing ratio

D. Old profit sharing ratio

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Correct Answer: Option A

Explanation:
Premium for goodwill compensates the old partners for the share of profit they sacrifice in favor of the new partner.

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

Question #2

The 'Independent Director' under Companies Act is appointed for:

A. All companies

B. Private companies

C. Listed companies and certain prescribed classes of public companies

D. Small companies

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Correct Answer: Option C

Explanation:
Independent directors are required for listed companies and specified public companies.

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

Question #3

Which of the following is an example of a fixed cost?

A. Factory rent

B. Carriage outward

C. Direct labour (piece rate)

D. Direct material

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Correct Answer: Option A

Explanation:
Factory rent remains constant irrespective of production volume, hence fixed cost.

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

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