Under PFMS, the hierarchy of fund flow tracking ensures that funds meant for a village panchayat can be monitored by: MCQ with Answer and Explanation

Under PFMS, the hierarchy of fund flow tracking ensures that funds meant for a village panchayat can be monitored by:
A. The World Bank
B. Only the state government
C. The central ministries, state departments, and executing agencies simultaneously
D. Only the village sarpanch
Answer: Option C
Solution (By JKSSB Mock Tests)
PFMS is a web-based tracking system that provides end-to-end visibility of fund flow, accessible across all levels of government hierarchy.

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Practice More Accountancy and Book Keeping Questions

Question #1
Under the Single Entry System, if opening capital is Rs 1,00,000, closing capital is Rs 90,000, and drawings are Rs 30,000 (no fresh capital), the profit is:
A. Rs 40,000
B. Rs 20,000 Loss
C. Rs 20,000
D. Rs 10,000 Loss

Correct Answer: Option C


Explanation:
Profit = Closing Cap + Drawings - Opening Cap = 90,000 + 30,000 - 1,00,000 = Rs 20,000.

Question #2
Which of the following is not a type of error?
A. Error of principle
B. Error of omission
C. Error of commission
D. Error of interpretation

Correct Answer: Option D


Explanation:
Common errors in accounting are error of principle, omission, commission, and compensating error. Error of interpretation is not a standard classification.

Question #3
The 'Integrated Reporting' framework is developed by:
A. FASB
B. ICAI
C. International Integrated Reporting Council (IIRC)
D. IFRS Foundation

Correct Answer: Option C


Explanation:
IIRC (now part of IFRS Foundation) developed the International Framework.