Public Financial Management System (PFMS) in India is primarily used for: MCQ with Answer and Explanation

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Public Financial Management System (PFMS) in India is primarily used for:

A. Stock market regulation

B. Tax collection only

C. Corporate financial reporting

D. Government financial transactions and fund tracking

Answer: Option D

Solution (By JKSSB Mock Tests)

PFMS is a government portal for tracking fund disbursement, ensuring transparency and efficiency in public financial management.

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

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Question #1

In a three-column cash book, the discount columns are:

A. Transferred to suspense account

B. Ignored at month end

C. Balanced like cash columns

D. Totalled but not balanced

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Correct Answer: Option D

Explanation:
Discount Allowed and Discount Received are separate nominal accounts. Their columns are only totalled and posted directly to the respective ledger accounts.

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

Question #2

The 'Chairperson of GST Council' is:

A. Finance Secretary

B. Union Finance Minister

C. Revenue Secretary

D. Prime Minister

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Correct Answer: Option B

Explanation:
Union Finance Minister is the ex-officio chairperson of GST Council.

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Question #3

The 'Transaction Price' under Ind AS 115 includes:

A. Only cash received

B. Only invoice amount

C. Only fixed consideration

D. Variable consideration, if it is highly probable that a significant reversal will not occur

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Correct Answer: Option D

Explanation:
Transaction price includes variable consideration to the extent that it is probable there won't be a significant reversal.

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

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