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

Explanation:
ITC avoids the cascading effect of taxes by allowing a set-off of tax paid on inputs against tax payable on output.

Explanation:
If drawings are made in the beginning of every month, average period = (12+1)/2 = 6.5 months. Total drawings = 5000*12 = 60,000. Interest = 60,000 * 12% * 6.5/12 = 60000 * 0.12 * 0.54167 = ₹3,900.

Explanation:
Cheques issued but not presented reduce the bank balance, so they are added to the overdraft balance as per the cash book to reconcile with the pass book.