The petty cash book is balanced: MCQ with Answer and Explanation

Question
The petty cash book is balanced:
A. At the end of the year
B. When it is replenished
C. Daily
D. At the end of the month
Answer: Option B
Solution (By JKSSB Mock Tests)
Under imprest system, petty cash book is closed when cash is replenished, not periodically.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In journal, a compound entry involves:
A. Only two accounts
B. One debit and one credit only
C. Only nominal accounts
D. More than one debit or more than one credit
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Correct Answer: Option D

Explanation:
A compound journal entry has more than one debit or more than one credit, affecting multiple accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Partnership Act, if a partner is expelled, what happens to his liability for acts of the firm done before his expulsion?
A. He is only liable if the remaining partners agree to indemnify him
B. He is completely released from all liabilities
C. His liability is transferred to the remaining partners automatically
D. He remains liable to third parties for acts done before expulsion until public notice is given
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Correct Answer: Option D

Explanation:
Under Section 36 of the Indian Partnership Act, an expelled partner remains liable to third parties for acts of the firm up to the date of his expulsion, until a public notice of his expulsion is given.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
GST was introduced in India on:
A. 1st April 2016
B. 1st January 2017
C. 1st July 2017
D. 1st April 2017
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Correct Answer: Option C

Explanation:
Goods and Services Tax (GST) was rolled out on 1st July 2017.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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