The 'Public Account' of India includes: MCQ with Answer and Explanation

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The 'Public Account' of India includes:

A. Provident fund, small savings, etc.

B. Borrowings

C. Tax revenues

D. Grants from foreign governments

Answer: Option A

Solution (By JKSSB Mock Tests)

Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.

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

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Question #1

The 'Sabka Vishwas' scheme for indirect taxes was for:

A. Income tax disputes

B. Resolution of legacy disputes under excise and service tax

C. Customs only

D. GST disputes

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Correct Answer: Option B

Explanation:
It was a dispute resolution scheme for pre-GST indirect tax matters.

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Question #2

Which of the following is a recent development in accounting?

A. Paper vouchers

B. Manual ledger posting

C. Handwritten journals

D. Blockchain-based triple-entry accounting

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Correct Answer: Option D

Explanation:
Blockchain is an emerging technology enabling triple-entry accounting, enhancing transparency and security.

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

Question #3

A: Vouching is the examination of documentary evidence. R: Vouching is the same as verification. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. A is false but R is true

C. Both A and R are true but R is NOT the correct explanation of A

D. A is true but R is false

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Correct Answer: Option D

Explanation:
Vouching is indeed the examination of vouchers to verify transactions. However, verification is a broader term that includes proving the existence, ownership, and valuation of assets and liabilities at the balance sheet date. They are not the same. A is true, R is false.

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

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