A petty cash voucher is authorized by: MCQ with Answer and Explanation

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A petty cash voucher is authorized by:

A. The payee

B. The petty cashier or an authorized manager

C. The bank manager

D. The external auditor

Answer: Option B

Solution (By JKSSB Mock Tests)

For internal control, petty cash vouchers must be authorized by a responsible official before disbursement is made.

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

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Question #1

The penalty for late filing of GSTR-3B is:

A. ₹100 per day

B. ₹200 per day

C. ₹500 per day

D. ₹50 per day (₹25 CGST + ₹25 SGST)

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Correct Answer: Option D

Explanation:
Late fee is ₹50 per day (₹25 CGST + ₹25 SGST) for normal returns.

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

Question #2

Under the double-entry system, a decrease in an asset is recorded by:

A. Debiting the asset account

B. Debiting a liability account

C. Crediting the capital account

D. Crediting the asset account

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Correct Answer: Option D

Explanation:
Assets have normal debit balances. A decrease is recorded by crediting the account.

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Question #3

The 'Voucher' approach in accounting helps to:

A. Compute tax

B. Simplify journal entries

C. Ensure documentation and authorisation of transactions

D. Prepare trial balance

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Correct Answer: Option C

Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.

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

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