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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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following books is known as the book of original entry?

A. Ledger

B. Trial Balance

C. Balance Sheet

D. Journal

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Correct Answer: Option D

Explanation:
The Journal is the primary book where transactions are first recorded in chronological order.

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

Question #2

In a bank reconciliation, a 'Dishonoured cheque' recorded in passbook but not in cash book will: (starting with cash book Dr.)

A. Be deducted

B. Be added

C. Double entry

D. No effect

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Correct Answer: Option A

Explanation:
Dishonoured cheque reduces bank balance as per passbook, so to reconcile from cash book to passbook, deduct.

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

Question #3

S1: GST is a destination-based tax. S2: GST revenue goes to the state where the goods are manufactured. Which statement(s) is/are correct?

A. S2 only

B. Both S1 and S2

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option C

Explanation:
GST is a destination-based consumption tax. The revenue goes to the state where the goods or services are *consumed*, not where they are manufactured (which was the case under the origin-based CST). S1 is correct, S2 is incorrect.

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

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