The use of 'Smart Contracts' in accounting is a direct result of development in: MCQ with Answer and Explanation

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The use of 'Smart Contracts' in accounting is a direct result of development in:

A. Double Entry System

B. Cost Control

C. Blockchain Technology

D. PFMS

Answer: Option C

Solution (By JKSSB Mock Tests)

Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.

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

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Question #1

The final step in the accounting cycle is:

A. Preparation of financial statements

B. Posting to ledger

C. Journalizing

D. Preparation of trial balance

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Correct Answer: Option A

Explanation:
The accounting cycle ends with the preparation of financial statements from the trial balance and adjustments.

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

Question #2

A 'Vote on Account' is:

A. Supplementary grant

B. An advance grant to meet expenditure for a part of the year

C. Final budget passed by Parliament

D. Excess grant

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Correct Answer: Option B

Explanation:
Vote on Account is a provision for meeting expenses for a short period before the full budget is passed.

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Question #3

In the context of PFMS, what does 'Aadhaar Payment Bridge System' (APBS) facilitate?

A. Direct Benefit Transfer using Aadhaar

B. Stock market trading

C. Tax collection

D. Bank auditing

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Correct Answer: Option A

Explanation:
APBS facilitates Direct Benefit Transfers (DBT) by using the Aadhaar number as the central key for routing government subsidies to beneficiaries.

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

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