Question

What is the "Public Account of the State"?

• A. A fund for public welfare schemes managed by the state government.
• B. A fund for transactions where the government acts as a banker, like Provident Funds
• C. The consolidated fund of the state, used for all government expenditure.
• D. A special account for foreign aid and international grants received by the state.

Answer 1

Answer:

B. A fund for transactions where the government acts as a banker, like Provident Funds

• The Public Account of the State is for transactions where the government acts as a trustee, like small savings and provident funds.

• The money in this account does not belong to the government.