S1: PFMS stands for Public Financial Management System. S2: PFMS is implemented by the Reserve Bank of India. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: PFMS stands for Public Financial Management System. S2: PFMS is implemented by the Reserve Bank of India. Which statement(s) is/are correct?
A. S2 only
B. Both S1 and S2
C. S1 only
D. Neither S1 nor S2
Answer: Option C
Solution (By JKSSB Mock Tests)
PFMS stands for Public Financial Management System, a web-based software system. It is implemented by the Controller General of Accounts (CGA) under the Ministry of Finance, not the RBI. S1 is correct, S2 is incorrect.
Explanation:
The Trading Account is prepared to calculate Gross Profit by matching direct expenses with net sales. Indirect expenses (like office rent, salaries) are recorded in the Profit and Loss Account, not the Trading Account. S1 is correct, S2 is incorrect.
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