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

Question
Under the 'Public Financial Management System' (PFMS), the 'Just-in-Time' fund release mechanism ensures:
A. Advance payment to all
B. Release of funds only when needed, reducing idle funds
C. Manual processing
D. Delayed payments
Answer: Option B
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Trial Balance' is a:
A. Memorandum book
B. Subsidiary book
C. Statement
D. Principal book
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Correct Answer: Option C

Explanation:
It is a statement, not a book of accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: In the absence of a partnership deed, interest on partner's loan is allowed at 6% per annum. S2: In the absence of a partnership deed, interest on partner's capital is not allowed. Which statement(s) is/are correct?
A. S2 only
B. Both S1 and S2
C. Neither S1 nor S2
D. S1 only
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Correct Answer: Option B

Explanation:
The Partnership Act 1932 mandates that if the deed is silent, interest on a partner's loan is allowed at 6% p.a., but no interest on capital is allowed. Both statements are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Cost Centre' is:
A. A method of pricing
B. A sales territory
C. A location, person, or item of equipment for which costs are accumulated
D. A unit of product
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Correct Answer: Option C

Explanation:
Cost centre is a segment of the organization where costs are collected, e.g., department, machine.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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