The primary objective of PFMS in India is to facilitate: MCQ with Answer and Explanation

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The primary objective of PFMS in India is to facilitate:

A. Stock market regulation

B. Printing of currency notes

C. Collection of corporate taxes

D. Just-in-time release of funds and end-to-end tracking of public funds

Answer: Option D

Solution (By JKSSB Mock Tests)

PFMS ensures transparency, tracking of fund utilization down to the lowest level, and Direct Benefit Transfers directly into beneficiaries' accounts.

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

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The 'Blockchain' technology in supply chain finance can provide:

A. Delayed settlement

B. Manual errors

C. Real-time visibility and immutable transaction records

D. Paper-heavy process

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Correct Answer: Option C

Explanation:
Blockchain enables transparent, secure, and instant tracking of transactions.

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

Question #2

Goods withdrawn by the owner for personal use should be credited to:

A. Purchases Account

B. Capital Account

C. Drawings Account

D. Sales Account

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Correct Answer: Option A

Explanation:
When goods are withdrawn for personal use, the Purchases Account is credited to reduce the cost of goods available for sale, and Drawings is debited.

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Question #3

A partner who lends money to the firm is entitled to:

A. Bonus

B. Interest on loan at 6% p.a.

C. Salary

D. Share of profit

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Correct Answer: Option B

Explanation:
In absence of agreement, a partner is entitled to interest on loan advanced to the firm at 6% per annum as per Partnership Act, 1932.

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

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