Under the 'Public Financial Management System' (PFMS), the 'Just-in-Time' fund release mechanism ensures: MCQ with Answer and Explanation

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Under the 'Public Financial Management System' (PFMS), the 'Just-in-Time' fund release mechanism ensures:

A. Manual processing

B. Advance payment to all

C. Release of funds only when needed, reducing idle funds

D. Delayed payments

Answer: Option C

Solution (By JKSSB Mock Tests)

Just-in-Time in PFMS releases funds just in time for expenditure, avoiding float and idle balances.

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

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Question #1

In cost accounting, 'Variable Cost' per unit:

A. Fluctuates randomly

B. Increases with production

C. Remains constant

D. Decreases with production

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Correct Answer: Option C

Explanation:
Variable cost per unit remains constant; total variable cost changes with output.

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

Question #2

Which of the following is a feature of a joint venture?

A. It is formed for a specific, short-term project

B. It is governed by the Companies Act

C. It has perpetual succession

D. It has a separate legal entity

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Correct Answer: Option A

Explanation:
A joint venture is a temporary partnership formed for a specific venture or project, and it ceases to exist once the project is completed.

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Question #3

Abnormal loss of stock by fire (fully uninsured) is treated by:

A. Crediting Trading A/c and Debiting P&L A/c

B. Only debiting P&L A/c

C. Crediting P&L A/c and Debiting Trading A/c

D. Only crediting Trading A/c

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Correct Answer: Option A

Explanation:
The loss reduces the stock (Credit Trading A/c). Being an uninsured abnormal loss, it is transferred entirely to the debit side of P&L A/c.

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

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