The Indian Financial Management System (IFMS) integrates: MCQ with Answer and Explanation

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The Indian Financial Management System (IFMS) integrates:

A. Only state government accounts

B. Only receipts

C. Only pension payments

D. Expenditure, receipts, and debt management

Answer: Option D

Solution (By JKExamLibrary)

IFMS is a comprehensive system covering all aspects of government financial management including budget, expenditure, receipts, and debt.

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

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

The 'Cost of Goods Sold' in a manufacturing company includes:

A. Only direct material

B. Total manufacturing cost adjusted for WIP

C. Selling expenses

D. Prime cost

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Correct Answer: Option B

Explanation:
COGS for manufacturer = Opening finished goods + Cost of production - Closing finished goods. Cost of production = total manufacturing cost + opening WIP - closing WIP.

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

Question #2 Report Error

A: Marginal cost is the cost of producing one additional unit. R: Marginal cost includes both fixed and variable costs. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. Both A and R are true but R is NOT the correct explanation of A

C. A is true but R is false

D. A is false but R is true

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Correct Answer: Option C

Explanation:
Marginal cost is indeed the cost of producing one additional unit. However, it only includes variable costs, as fixed costs do not change with the level of production in the short term. A is true, R is false.

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

Question #3 Report Error

Under GST, the 'E-way bill' is not required for the movement of goods:

A. Both A and B

B. Where the consignment value is less than ₹50,000

C. From the consignor's place of business to the transporter's place of business for transportation

D. None of the above

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Correct Answer: Option A

Explanation:
An e-way bill is not required if the consignment value is below ₹50,000, or for specific movements like goods being sent to a transporter for the purpose of transportation from the consignor's place of business.

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

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